Public Storage (NYSE:PSA) Rating Increased to Hold at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage (NYSE:PSA) from a sell rating to a hold rating in a research note released on Friday, MarketBeat reports. They currently have $299.00 price target on the real estate investment trust’s stock, up from their previous price target of $298.00.

Several other equities research analysts have also recently issued reports on the company. Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company lowered their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Truist Financial boosted their price target on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Barclays decreased their price objective on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Finally, Jefferies Financial Group upped their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $345.57.

Public Storage Stock Down 2.3 %

Shares of NYSE PSA opened at $288.65 on Friday. The firm has a market cap of $50.55 billion, a price-to-earnings ratio of 29.97, a price-to-earnings-growth ratio of 5.29 and a beta of 0.74. The company’s 50-day simple moving average is $321.09 and its 200-day simple moving average is $325.15. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a $3.00 dividend. The ex-dividend date was Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 4.16%. Public Storage’s payout ratio is 124.61%.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the sale, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 11.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Graypoint LLC raised its stake in shares of Public Storage by 7.5% in the 4th quarter. Graypoint LLC now owns 747 shares of the real estate investment trust’s stock valued at $224,000 after acquiring an additional 52 shares during the period. Harbor Capital Advisors Inc. increased its holdings in Public Storage by 70.0% in the 4th quarter. Harbor Capital Advisors Inc. now owns 255 shares of the real estate investment trust’s stock valued at $76,000 after purchasing an additional 105 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Public Storage in the fourth quarter valued at approximately $7,849,000. Doliver Advisors LP raised its position in Public Storage by 2.6% in the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock valued at $433,000 after purchasing an additional 36 shares during the period. Finally, Nordea Investment Management AB lifted its stake in Public Storage by 1.6% during the fourth quarter. Nordea Investment Management AB now owns 12,738 shares of the real estate investment trust’s stock worth $3,792,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

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.