Shares of Public Storage (NYSE:PSA – Get Free Report) 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.
Get Our Latest Stock Report on Public Storage
Public Storage Stock Performance
Public Storage (NYSE:PSA – Get Free Report) 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.
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