Public Storage (NYSE:PSA) Reaches New 12-Month High – Time to Buy?

Public Storage (NYSE:PSA) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $313.27 and last traded at $312.7010, with a volume of 27984 shares changing hands. The stock had previously closed at $312.17.

Analyst Ratings Changes

Several brokerages have issued reports on PSA. Barclays boosted their price objective on shares of Public Storage from $347.00 to $352.00 and gave the company an “overweight” rating in a research note on Monday. Wolfe Research cut shares of Public Storage from an “outperform” rating to a “peer perform” rating in a research note on Monday, January 26th. BMO Capital Markets reissued a “market perform” rating on shares of Public Storage in a research note on Monday, March 16th. The Goldman Sachs Group reissued a “buy” rating and issued a $330.00 price objective on shares of Public Storage in a research note on Friday, February 20th. Finally, Jefferies Financial Group dropped their price objective on shares of Public Storage from $345.00 to $330.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $308.50.

Public Storage Stock Down 0.5%

The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75. The firm’s 50-day moving average is $292.61 and its 200 day moving average is $283.90. The firm has a market capitalization of $54.53 billion, a PE ratio of 34.44, a price-to-earnings-growth ratio of 4.11 and a beta of 1.02.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were given a $3.00 dividend. The ex-dividend date was Monday, March 16th. This represents a $12.00 annualized dividend and a dividend yield of 3.9%. Public Storage’s payout ratio is currently 133.04%.

Institutional Investors Weigh In On Public Storage

Several institutional investors and hedge funds have recently made changes to their positions in PSA. Norges Bank purchased a new stake in shares of Public Storage in the 4th quarter worth about $1,163,751,000. Capital International Investors lifted its holdings in Public Storage by 821.4% in the 4th quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock valued at $1,073,032,000 after purchasing an additional 3,686,211 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Public Storage by 9.9% in the 4th quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock valued at $6,576,534,000 after purchasing an additional 2,274,397 shares in the last quarter. First Trust Advisors LP lifted its holdings in Public Storage by 287.7% in the 4th quarter. First Trust Advisors LP now owns 721,588 shares of the real estate investment trust’s stock valued at $187,252,000 after purchasing an additional 535,465 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Public Storage by 498.7% in the 2nd quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock valued at $166,970,000 after purchasing an additional 481,872 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.