Public Storage (NYSE:PSA) Reaches New 12-Month High After Analyst Upgrade

Public Storage (NYSE:PSA)’s stock price hit a new 52-week high during mid-day trading on Tuesday after BMO Capital Markets raised their price target on the stock from $285.00 to $300.00. BMO Capital Markets currently has a market perform rating on the stock. Public Storage traded as high as $283.00 and last traded at $281.99, with a volume of 3242 shares trading hands. The stock had previously closed at $278.03.

Several other brokerages also recently issued reports on PSA. Morgan Stanley raised their price target on Public Storage from $221.00 to $231.00 and gave the company an “equal weight” rating in a research report on Thursday, March 18th. Truist increased their target price on shares of Public Storage from $262.00 to $269.00 in a research note on Tuesday, April 13th. Truist Securities increased their target price on shares of Public Storage from $262.00 to $269.00 in a research note on Wednesday, April 14th. Finally, Raymond James upgraded shares of Public Storage from an “underperform” rating to a “market perform” rating in a research note on Thursday, February 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Public Storage has a consensus rating of “Hold” and an average target price of $237.13.

Institutional investors and hedge funds have recently made changes to their positions in the business. Royal London Asset Management Ltd. lifted its stake in Public Storage by 2.0% during the first quarter. Royal London Asset Management Ltd. now owns 56,560 shares of the real estate investment trust’s stock worth $13,957,000 after purchasing an additional 1,105 shares during the period. Ritholtz Wealth Management lifted its stake in Public Storage by 7.3% during the fourth quarter. Ritholtz Wealth Management now owns 1,144 shares of the real estate investment trust’s stock worth $264,000 after purchasing an additional 78 shares during the period. Creative Planning lifted its stake in Public Storage by 1.6% during the fourth quarter. Creative Planning now owns 9,246 shares of the real estate investment trust’s stock worth $2,135,000 after purchasing an additional 149 shares during the period. DNB Asset Management AS lifted its stake in Public Storage by 5.7% during the fourth quarter. DNB Asset Management AS now owns 21,770 shares of the real estate investment trust’s stock worth $5,027,000 after purchasing an additional 1,174 shares during the period. Finally, Raymond James Trust N.A. lifted its stake in Public Storage by 32.1% during the fourth quarter. Raymond James Trust N.A. now owns 1,530 shares of the real estate investment trust’s stock worth $353,000 after purchasing an additional 372 shares during the period. Hedge funds and other institutional investors own 79.99% of the company’s stock.

The stock has a market cap of $48.86 billion, a P/E ratio of 43.11, a PEG ratio of 7.00 and a beta of 0.07. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.68 and a quick ratio of 0.68. The business’s 50 day simple moving average is $258.44 and its 200 day simple moving average is $236.56.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, April 28th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.49). The business had revenue of $647.80 million for the quarter, compared to the consensus estimate of $753.27 million. Public Storage had a return on equity of 26.59% and a net margin of 43.37%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.58 EPS. Research analysts predict that Public Storage will post 10.46 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 30th. Stockholders of record on Tuesday, June 15th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Monday, June 14th. Public Storage’s dividend payout ratio (DPR) is currently 74.42%.

Public Storage Company Profile (NYSE:PSA)

Public Storage operates as a real estate investment trust. The firm engages in acquiring, developing, owning and operating self-storage facilities. It operates through the following segments: Self-storage Operations, Ancillary Operations, Investment in PS Business Parks and Investment in Shurgard. The Self-storage Operations segment reflects the rental operations from all self-storage facilities.

Further Reading: Cost of Equity

Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.