Public Storage (NYSE:PSA) Raised to Hold at Mizuho

Mizuho upgraded shares of Public Storage (NYSE:PSA) to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Scotiabank upgraded shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and decreased their price target for the stock from $333.00 to $305.00 in a research report on Wednesday. Barclays reiterated an “overweight” rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Truist Financial reduced their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $332.08.

Public Storage Price Performance

Shares of NYSE PSA opened at $282.35 on Tuesday. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company’s 50-day moving average is $297.78 and its 200 day moving average is $315.04. The stock has a market capitalization of $49.53 billion, a P/E ratio of 29.32, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PSA. Quent Capital LLC increased its stake in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares during the last quarter. Ameriflex Group Inc. acquired a new position in shares of Public Storage during the 4th quarter worth $30,000. Strategic Investment Solutions Inc. IL acquired a new position in Public Storage in the 4th quarter valued at about $32,000. Synergy Asset Management LLC purchased a new stake in Public Storage in the 4th quarter valued at about $38,000. Finally, Millstone Evans Group LLC purchased a new stake in Public Storage in the 4th quarter valued at about $38,000. Hedge funds and other 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.