Brokerages Set Public Storage (NYSE:PSA) PT at $305.00

Shares of Public Storage (NYSE:PSA) have earned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $305.00.

Several research analysts have weighed in on PSA shares. BMO Capital Markets increased their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Scotiabank increased their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. The Goldman Sachs Group increased their target price on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Finally, Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research report on Thursday, March 28th.

Public Storage Stock Up 1.5 %

Public Storage stock opened at $273.32 on Friday. The stock has a market cap of $48.02 billion, a P/E ratio of 24.82, a P/E/G ratio of 3.49 and a beta of 0.57. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The company’s 50-day moving average price is $276.12 and its two-hundred day moving average price is $276.24.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company earned $4.16 earnings per share. As a group, analysts expect that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.39%. Public Storage’s dividend payout ratio is currently 108.99%.

Institutional Trading of Public Storage

A number of hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC raised its stake in shares of Public Storage by 16.1% during the third quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after acquiring an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Public Storage by 8.0% during the third quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after acquiring an additional 9,223 shares during the last quarter. Raymond James & Associates raised its stake in shares of Public Storage by 4.3% during the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after acquiring an additional 4,695 shares during the last quarter. Ellsworth Advisors LLC raised its stake in shares of Public Storage by 615.7% during the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock valued at $6,040,000 after acquiring an additional 17,036 shares during the last quarter. Finally, 1834 Investment Advisors Co. raised its stake in shares of Public Storage by 115.3% during the fourth quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock valued at $5,170,000 after acquiring an additional 9,078 shares during the last quarter. Institutional investors and hedge funds 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.