Public Storage (NYSE:PSA) PT Raised to $343.00

Public Storage (NYSE:PSA) had its price target hoisted by Evercore ISI from $334.00 to $343.00 in a research note issued to investors on Monday, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company raised their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an overweight rating in a research note on Friday, July 26th. Citigroup upped their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a buy rating in a research note on Friday, August 30th. Wolfe Research raised Public Storage to a strong-buy rating in a research report on Wednesday, September 4th. Scotiabank boosted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a sector perform rating in a research report on Thursday, August 22nd. Finally, Barclays upped their target price on Public Storage from $327.00 to $374.00 and gave the stock an overweight rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $332.71.

Public Storage Stock Performance

PSA stock opened at $358.62 on Monday. The stock’s 50 day simple moving average is $325.73 and its 200 day simple moving average is $295.10. Public Storage has a 12-month low of $233.18 and a 12-month high of $366.29. The firm has a market cap of $62.77 billion, a P/E ratio of 32.57, a P/E/G ratio of 5.12 and a beta of 0.67. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the firm earned $4.28 earnings per share. The business’s revenue was down 1.0% on a year-over-year basis. As a group, equities research analysts predict that Public Storage will post 16.73 EPS for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.35%. Public Storage’s payout ratio is presently 108.99%.

Hedge Funds Weigh In On Public Storage

Several institutional investors have recently bought and sold shares of the business. Gold Investment Management Ltd. acquired a new stake in Public Storage in the 4th quarter valued at about $849,000. The Manufacturers Life Insurance Company increased its holdings in shares of Public Storage by 4.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock valued at $39,373,000 after purchasing an additional 5,239 shares in the last quarter. Global Assets Advisory LLC bought a new position in Public Storage in the 1st quarter worth approximately $7,319,000. Centersquare Investment Management LLC lifted its holdings in Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after buying an additional 173,975 shares in the last quarter. Finally, Scarborough Advisors LLC bought a new position in Public Storage in the 4th quarter valued at $4,701,000. 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.