Brokerages Set Public Storage (NYSE:PSA) Target Price at $309.92

Public Storage (NYSE:PSA) has received a consensus rating of “Moderate Buy” from the twelve brokerages that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $309.92.

A number of analysts have recently weighed in on the company. Evercore ISI increased their price target on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research report on Monday, August 5th. Barclays cut their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Wells Fargo & Company upped their price target on shares of 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.

Public Storage Stock Up 0.7 %

PSA stock opened at $319.41 on Tuesday. The firm has a market cap of $55.90 billion, a price-to-earnings ratio of 29.01, a PEG ratio of 5.30 and a beta of 0.65. Public Storage has a 1-year low of $233.18 and a 1-year high of $322.72. The firm has a fifty day moving average price of $297.29 and a two-hundred day moving average price of $284.48. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

Public Storage (NYSE:PSA) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the company earned $4.28 EPS. Research analysts predict that Public Storage will post 16.74 EPS for the current year.

Public Storage Dividend Announcement

The business also recently declared 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. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Public Storage

Several hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its position in shares of Public Storage by 107.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 44 shares in the last quarter. Core Wealth Advisors Inc. acquired a new stake in Public Storage during the fourth quarter valued at approximately $30,000. EdgeRock Capital LLC bought a new stake in Public Storage during the fourth quarter worth approximately $32,000. OFI Invest Asset Management bought a new stake in Public Storage during the second quarter worth approximately $32,000. Finally, ICA Group Wealth Management LLC acquired a new position in Public Storage in the fourth quarter worth approximately $37,000. 78.79% of the stock is currently owned by 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.