Brokerages Set Public Storage (NYSE:PSA) PT at $305.00

Shares of Public Storage (NYSE:PSA) have received an average recommendation of “Moderate Buy” from the eleven research firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $305.00.

Several research analysts have recently issued reports on PSA shares. Barclays started coverage on Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target for the company. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $280.00 to $310.00 in a research note on Friday, April 5th. BMO Capital Markets raised their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. The Goldman Sachs Group upped their target price on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price for the company.

Institutional Investors Weigh In On Public Storage

Hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC lifted its stake in Public Storage by 16.1% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock worth $2,567,000 after acquiring an additional 1,349 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Public Storage by 8.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock worth $32,638,000 after acquiring an additional 9,223 shares in the last quarter. Raymond James & Associates lifted its stake in Public Storage by 4.3% in the 4th quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock worth $34,917,000 after acquiring an additional 4,695 shares in the last quarter. Ellsworth Advisors LLC raised its stake in shares of Public Storage by 615.7% during the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after purchasing an additional 17,036 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich raised its stake in shares of Public Storage by 8.3% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 163,191 shares of the real estate investment trust’s stock worth $49,773,000 after purchasing an additional 12,574 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of PSA opened at $275.39 on Friday. The company has a market cap of $48.38 billion, a P/E ratio of 25.01, a PEG ratio of 3.49 and a beta of 0.57. The stock has a fifty day moving average price of $275.90 and a 200 day moving average price of $276.19. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. Public Storage’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.16 earnings per share. On average, research analysts forecast that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.36%. Public Storage’s dividend payout ratio is currently 108.99%.

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.