Citigroup Boosts Public Storage (NYSE:PSA) Price Target to $378.00

Public Storage (NYSE:PSA) had its price target upped by Citigroup from $303.00 to $378.00 in a report issued on Friday, Benzinga reports. Citigroup currently has a buy rating on the real estate investment trust’s stock.

Several other equities analysts have also recently issued reports on the company. Bank of America cut Public Storage from a buy rating to a neutral rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Wells Fargo & Company boosted their target price on Public Storage from $310.00 to $320.00 and gave the stock an overweight rating in a research report on Friday, July 26th. Evercore ISI boosted their target price on Public Storage from $330.00 to $334.00 and gave the stock an in-line rating in a research report on Wednesday, August 28th. Scotiabank boosted their target price on Public Storage from $308.00 to $339.00 and gave the stock a sector perform rating in a research report on Thursday, August 22nd. Finally, Barclays boosted their target price on Public Storage from $327.00 to $374.00 and gave the stock an overweight rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Public Storage currently has a consensus rating of Moderate Buy and an average target price of $323.77.

Public Storage Stock Performance

Shares of PSA stock opened at $343.72 on Friday. The stock’s 50-day moving average is $307.66 and its two-hundred day moving average is $288.36. The firm has a market cap of $60.16 billion, a price-to-earnings ratio of 31.22, a PEG ratio of 5.69 and a beta of 0.65. Public Storage has a 1 year low of $233.18 and a 1 year high of $344.32. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the previous year, the business posted $4.28 EPS. Analysts predict that Public Storage will post 16.72 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 11.00% of the company’s stock.

Institutional Trading of Public Storage

A number of institutional investors and hedge funds have recently made changes to their positions in PSA. International Assets Investment Management LLC acquired a new stake in shares of Public Storage during the 4th quarter worth $3,112,000. Mission Wealth Management LP increased its holdings in Public Storage by 12.9% in the 4th quarter. Mission Wealth Management LP now owns 981 shares of the real estate investment trust’s stock valued at $299,000 after purchasing an additional 112 shares in the last quarter. Savant Capital LLC increased its holdings in Public Storage by 18.4% in the 4th quarter. Savant Capital LLC now owns 1,151 shares of the real estate investment trust’s stock valued at $351,000 after purchasing an additional 179 shares in the last quarter. First Trust Direct Indexing L.P. increased its holdings in Public Storage by 26.1% in the 4th quarter. First Trust Direct Indexing L.P. now owns 2,434 shares of the real estate investment trust’s stock valued at $742,000 after purchasing an additional 504 shares in the last quarter. Finally, Benjamin Edwards Inc. increased its holdings in Public Storage by 362.6% in the 4th quarter. Benjamin Edwards Inc. now owns 3,664 shares of the real estate investment trust’s stock valued at $1,118,000 after purchasing an additional 2,872 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

About Public Storage

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.