Analysts Set Public Storage (NYSE:PSA) Target Price at $309.92

Shares of Public Storage (NYSE:PSA) have received an average recommendation of “Moderate Buy” from the twelve ratings firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $309.92.

PSA has been the topic of a number of research reports. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research report on Monday, August 5th. Barclays dropped their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Wells Fargo & Company raised their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Scotiabank cut their price objective on shares of Public Storage from $314.00 to $308.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 7th.

Public Storage Stock Performance

NYSE PSA opened at $319.41 on Tuesday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a 1-year low of $233.18 and a 1-year high of $322.72. The business has a 50 day simple moving average of $297.29 and a two-hundred day simple moving average of $284.48. The stock has a market capitalization of $55.90 billion, a PE ratio of 29.01, a P/E/G ratio of 5.30 and a beta of 0.65.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million during 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 company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the business posted $4.28 earnings per share. On average, research analysts predict that Public Storage will post 16.74 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.76%. Public Storage’s payout ratio is 108.99%.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following 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 SEC, which can be accessed through the SEC website. Insiders own 11.00% of the company’s stock.

Institutional Trading of Public Storage

A number of hedge funds have recently added to or reduced their stakes in PSA. EverSource Wealth Advisors LLC lifted its position in shares of Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares during the period. Core Wealth Advisors Inc. bought a new position in Public Storage in the fourth quarter worth approximately $30,000. EdgeRock Capital LLC purchased a new stake in Public Storage during the fourth quarter worth $32,000. OFI Invest Asset Management bought a new stake in Public Storage during the 2nd quarter valued at $32,000. Finally, ICA Group Wealth Management LLC purchased a new position in shares of Public Storage in the 4th quarter valued at $37,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

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.