Public Storage (NYSE:PSA) PT Lowered to $308.00 at Scotiabank

Public Storage (NYSE:PSA) had its target price trimmed by Scotiabank from $314.00 to $308.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust’s stock.

Several other analysts also recently commented on PSA. Evercore ISI raised their price objective on shares of Public Storage from $289.00 to $300.00 and gave the company an in-line rating in a research report on Monday, July 15th. Truist Financial downgraded shares of Public Storage from a buy rating to a hold rating and set a $306.00 price target on the stock. in a report on Thursday, August 1st. Bank of America lowered Public Storage from a buy rating to a neutral rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. Barclays decreased their price objective on Public Storage from $330.00 to $327.00 and set an overweight rating on the stock in a report on Monday, May 20th. Finally, Wells Fargo & Company lifted their price objective on shares of Public Storage from $310.00 to $320.00 and gave the stock an overweight rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of Hold and a consensus target price of $309.92.

Public Storage Stock Up 1.2 %

Shares of NYSE PSA traded up $3.87 during trading on Wednesday, reaching $317.04. The company had a trading volume of 558,213 shares, compared to its average volume of 764,356. Public Storage has a 12-month low of $233.18 and a 12-month high of $318.50. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The business’s 50-day moving average is $293.13 and its 200 day moving average is $283.53. The stock has a market cap of $55.71 billion, a PE ratio of 28.80, a P/E/G ratio of 5.16 and a beta of 0.65.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the business earned $4.28 EPS. As a group, equities analysts forecast that Public Storage will post 16.76 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Public Storage

Several institutional investors have recently bought and sold shares of PSA. Norges Bank purchased a new stake in Public Storage during the 4th quarter worth approximately $821,151,000. Daiwa Securities Group Inc. lifted its position in Public Storage by 86.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock worth $187,137,000 after acquiring an additional 299,826 shares during the period. Canada Pension Plan Investment Board grew its stake in Public Storage by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after purchasing an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after purchasing an additional 217,487 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Company Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.