Jefferies Financial Group Boosts Public Storage (NYSE:PSA) Price Target to $422.00

Public Storage (NYSE:PSA) had its price objective hoisted by Jefferies Financial Group from $360.00 to $422.00 in a report issued on Wednesday morning, Benzinga reports. Jefferies Financial Group currently has a buy rating on the real estate investment trust’s stock.

Several other brokerages also recently weighed in on PSA. Wolfe Research raised Public Storage to a strong-buy rating in a report on Wednesday, September 4th. Wells Fargo & Company lifted their target price 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. Evercore ISI boosted their target price on shares of Public Storage from $334.00 to $343.00 and gave the stock an in-line rating in a research report on Monday, September 16th. Bank of America cut shares of Public Storage from a buy rating to a neutral rating and set a $318.00 price target for the company. in a report on Monday, August 5th. Finally, Truist Financial lowered shares of Public Storage from a buy rating to a hold rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $339.08.

Public Storage Trading Up 0.9 %

NYSE PSA opened at $361.72 on Wednesday. The firm has a market cap of $63.56 billion, a PE ratio of 32.85, a price-to-earnings-growth ratio of 5.12 and a beta of 0.67. Public Storage has a 52 week low of $233.18 and a 52 week high of $366.29. 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 company has a 50 day moving average price of $326.92 and a 200 day moving average price of $295.74.

Public Storage (NYSE:PSA) last issued 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 business had revenue of $921.70 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company posted $4.28 earnings per share. As a group, sell-side analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.32%. Public Storage’s payout ratio is 108.99%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new position in shares of Public Storage during the 2nd quarter valued at approximately $2,442,000. Creekside Partners purchased a new position in Public Storage in the second quarter valued at $320,000. Heartland Bank & Trust Co raised its position in shares of Public Storage by 4.5% in the second quarter. Heartland Bank & Trust Co now owns 1,510 shares of the real estate investment trust’s stock worth $434,000 after acquiring an additional 65 shares during the period. SPC Financial Inc. boosted its stake in shares of Public Storage by 14.0% during the 2nd quarter. SPC Financial Inc. now owns 1,222 shares of the real estate investment trust’s stock worth $352,000 after acquiring an additional 150 shares in the last quarter. Finally, Advisory Alpha LLC grew its position in shares of Public Storage by 29.1% during the 2nd quarter. Advisory Alpha LLC now owns 1,291 shares of the real estate investment trust’s stock valued at $372,000 after acquiring an additional 291 shares during the period. 78.79% of the stock is currently 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.