Public Storage (NYSE:PSA) PT Raised to $381.00

Public Storage (NYSE:PSA) had its target price hoisted by Barclays from $374.00 to $381.00 in a research note published on Monday morning, Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

Several other equities analysts have also recently weighed in on the company. Jefferies Financial Group raised their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Citigroup upped their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Wells Fargo & Company upped their price objective on Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada assumed coverage on shares of Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective for the company. One analyst has rated the stock with a sell rating, six 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $341.43.

Public Storage Trading Up 0.1 %

NYSE:PSA opened at $336.61 on Monday. 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 has a one year low of $233.18 and a one year high of $369.99. The company has a market cap of $58.91 billion, a PE ratio of 31.55, a PEG ratio of 4.74 and a beta of 0.68. The firm has a 50-day moving average of $347.85 and a 200-day moving average of $307.66.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to the consensus estimate 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 period in the prior year, the firm posted $4.28 earnings per share. As a group, equities research analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.56%. Public Storage’s dividend payout ratio is currently 112.46%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Stephens Inc. AR raised its position in shares of Public Storage by 3.2% in the third quarter. Stephens Inc. AR now owns 36,925 shares of the real estate investment trust’s stock worth $13,436,000 after buying an additional 1,146 shares in the last quarter. Reston Wealth Management LLC purchased a new stake in shares of Public Storage in the third quarter worth $80,000. Baron Silver Stevens Financial Advisors LLC purchased a new stake in shares of Public Storage in the third quarter worth $279,000. IRON Financial LLC purchased a new stake in shares of Public Storage in the third quarter worth $216,000. Finally, HM Payson & Co. raised its position in shares of Public Storage by 17.8% in the third quarter. HM Payson & Co. now owns 424 shares of the real estate investment trust’s stock worth $154,000 after buying an additional 64 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

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.