Public Storage (NYSE:PSA) Coverage Initiated by Analysts at Barclays

Barclays began coverage on shares of Public Storage (NYSE:PSA) in a research report report published on Wednesday, Marketbeat.com reports. The firm issued an overweight rating and a $330.00 target price on the real estate investment trust’s stock.

Several other equities analysts have also recently commented on PSA. Wells Fargo & Company cut Public Storage from an overweight rating to an equal weight rating and upped their price target for the company from $270.00 to $280.00 in a report on Tuesday, December 12th. Truist Financial lifted their price target on shares of Public Storage from $285.00 to $315.00 and gave the stock a buy rating in a research note on Thursday, December 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a sell rating and a $250.00 price objective for the company. The Goldman Sachs Group raised their price objective on shares of Public Storage from $307.00 to $340.00 and gave the stock a buy rating in a report on Thursday, January 11th. Finally, BMO Capital Markets upped their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an outperform rating in a research note on Tuesday, March 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Public Storage has an average rating of Hold and a consensus target price of $300.00.

Public Storage Stock Up 4.7 %

Shares of PSA stock opened at $288.10 on Wednesday. Public Storage has a 12 month low of $233.18 and a 12 month high of $316.48. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The firm has a market cap of $50.62 billion, a PE ratio of 26.05, a price-to-earnings-growth ratio of 3.62 and a beta of 0.54. The stock has a 50 day moving average of $284.05 and a 200-day moving average of $275.27.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. Public Storage’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.16 earnings per share. On average, equities analysts predict that Public Storage will post 16.91 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th will be given a $3.00 dividend. The ex-dividend date is Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.17%. Public Storage’s payout ratio is 108.50%.

Institutional Trading of Public Storage

Several large investors have recently made changes to their positions in PSA. State Street Corp grew its holdings in Public Storage by 0.3% during the 2nd quarter. State Street Corp now owns 11,209,856 shares of the real estate investment trust’s stock worth $3,271,933,000 after acquiring an additional 34,564 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Public Storage by 6.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,213,252 shares of the real estate investment trust’s stock valued at $1,590,044,000 after purchasing an additional 317,172 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Public Storage by 3.6% in the first quarter. Geode Capital Management LLC now owns 3,742,458 shares of the real estate investment trust’s stock valued at $1,131,364,000 after purchasing an additional 129,555 shares in the last quarter. JPMorgan Chase & Co. raised its position in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after purchasing an additional 729,262 shares during the last quarter. Finally, Norges Bank acquired a new position in Public Storage during the 4th quarter worth $821,151,000. 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.