Public Storage (NYSE:PSA) Given New $315.00 Price Target at Morgan Stanley

Public Storage (NYSE:PSA) had its target price lifted by Morgan Stanley from $293.00 to $315.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

PSA has been the subject of several other research reports. 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 report on Monday, August 5th. Citigroup raised their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a buy rating in a report on Friday, August 30th. Wolfe Research raised Public Storage to a strong-buy rating in a report on Wednesday, September 4th. Jefferies Financial Group increased their price objective on Public Storage from $360.00 to $422.00 and gave the company a buy rating in a research report on Wednesday, September 18th. Finally, Truist Financial cut Public Storage from a buy rating to a hold rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Public Storage currently has a consensus rating of Moderate Buy and a consensus price target of $337.36.

Public Storage Trading Down 2.2 %

Shares of NYSE:PSA opened at $345.40 on Wednesday. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm has a market cap of $60.45 billion, a P/E ratio of 31.37, a P/E/G ratio of 5.01 and a beta of 0.68. The company has a 50 day moving average of $338.05 and a 200-day moving average of $300.85.

Public Storage (NYSE:PSA) last released its earnings results 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 firm had revenue of $921.70 million during 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 quarter last year, the company earned $4.28 earnings per share. As a group, analysts anticipate that Public Storage will post 16.74 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.47%. Public Storage’s dividend payout ratio is 108.99%.

Institutional Trading of Public Storage

Several institutional investors have recently made changes to their positions in PSA. Handelsbanken Fonder AB lifted its position in Public Storage by 4.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust’s stock worth $26,468,000 after buying an additional 2,832 shares in the last quarter. Lwmg LLC acquired a new position in shares of Public Storage in the third quarter worth $268,000. Czech National Bank raised its holdings in shares of Public Storage by 6.5% during the third quarter. Czech National Bank now owns 32,087 shares of the real estate investment trust’s stock worth $11,675,000 after acquiring an additional 1,950 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Public Storage by 2.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 20,980 shares of the real estate investment trust’s stock valued at $7,634,000 after purchasing an additional 414 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in Public Storage in the second quarter valued at about $2,442,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

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.