JPMorgan Chase & Co. Cuts Public Storage (NYSE:PSA) Price Target to $316.00

Public Storage (NYSE:PSA) had its price target reduced by JPMorgan Chase & Co. from $321.00 to $316.00 in a report published on Wednesday,MarketScreener reports. They currently have an overweight rating on the real estate investment trust’s stock.

Several other equities analysts also recently weighed in on PSA. Evercore ISI cut their price target on shares of Public Storage from $317.00 to $315.00 and set an “in-line” rating on the stock in a report on Monday, November 3rd. Royal Bank Of Canada dropped their target price on shares of Public Storage from $309.00 to $307.00 and set a “sector perform” rating for the company in a report on Friday, October 31st. Scotiabank reduced their price objective on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company increased their price objective on Public Storage from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $325.21.

Public Storage Trading Up 1.6%

NYSE:PSA traded up $4.32 during midday trading on Wednesday, hitting $269.77. 1,473,265 shares of the company traded hands, compared to its average volume of 829,519. The firm’s fifty day moving average is $287.01 and its 200-day moving average is $290.83. The firm has a market capitalization of $47.33 billion, a P/E ratio of 28.01, a P/E/G ratio of 4.72 and a beta of 0.91. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 12-month low of $256.60 and a 12-month high of $355.87.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, topping the consensus estimate of $4.24 by $0.07. Public Storage had a net margin of 39.53% and a return on equity of 35.67%. The firm’s revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm posted $4.20 EPS. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, sell-side analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.4%. The ex-dividend date is Monday, December 15th. Public Storage’s dividend payout ratio is presently 124.61%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Retirement Planning Co of New England Inc. increased its position in Public Storage by 1.6% during the first quarter. Retirement Planning Co of New England Inc. now owns 2,084 shares of the real estate investment trust’s stock worth $624,000 after purchasing an additional 33 shares during the last quarter. Whitener Capital Management Inc. increased its position in Public Storage by 2.3% during the 2nd quarter. Whitener Capital Management Inc. now owns 1,610 shares of the real estate investment trust’s stock worth $472,000 after purchasing an additional 36 shares in the last quarter. Rosenberg Matthew Hamilton raised its holdings in Public Storage by 9.5% in the second quarter. Rosenberg Matthew Hamilton now owns 416 shares of the real estate investment trust’s stock valued at $122,000 after buying an additional 36 shares during the period. Patrick M Sweeney & Associates Inc. lifted its position in Public Storage by 3.5% during the second quarter. Patrick M Sweeney & Associates Inc. now owns 1,070 shares of the real estate investment trust’s stock valued at $317,000 after buying an additional 36 shares in the last quarter. Finally, CoreCap Advisors LLC lifted its position in Public Storage by 7.0% during the third quarter. CoreCap Advisors LLC now owns 568 shares of the real estate investment trust’s stock valued at $164,000 after buying an additional 37 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

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.