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

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

Other research analysts have also issued reports about the stock. Bank of America lowered shares of Public Storage from a buy rating to a neutral rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. Royal Bank of Canada started coverage on shares of Public Storage in a research note on Tuesday, September 10th. They set a sector perform rating and a $358.00 price target for the company. Barclays upped their price target on shares of Public Storage from $327.00 to $374.00 and gave the company an overweight rating in a report on Thursday, August 22nd. Wolfe Research raised shares of Public Storage to a strong-buy rating in a research note on Wednesday, September 4th. Finally, Citigroup upped their target price on Public Storage from $303.00 to $378.00 and gave the company a buy rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $339.08.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $361.72 on Wednesday. The firm has a fifty day simple moving average of $326.92 and a two-hundred day simple moving average of $295.74. 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 stock has a market capitalization of $63.56 billion, a P/E ratio of 32.85, a PEG ratio of 5.12 and a beta of 0.67.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million during 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 company’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.28 EPS. On average, analysts expect that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

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

Hedge Funds Weigh In On Public Storage

Several institutional investors have recently made changes to their positions in PSA. EverSource Wealth Advisors LLC increased its position in 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 during the period. Core Wealth Advisors Inc. purchased a new position in Public Storage during the fourth quarter valued at approximately $30,000. OFI Invest Asset Management bought a new position in Public Storage in the second quarter worth approximately $32,000. ICA Group Wealth Management LLC purchased a new stake in Public Storage during the fourth quarter worth $37,000. Finally, Opal Wealth Advisors LLC bought a new stake in Public Storage during the 2nd quarter valued at $36,000. Hedge funds and other institutional investors 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.