Public Storage (NYSE:PSA) Receives $339.25 Consensus PT from Analysts

Shares of Public Storage (NYSE:PSA) have been assigned a consensus rating of “Moderate Buy” from the thirteen research firms that are presently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $339.25.

Several brokerages have commented on PSA. Mizuho raised their price objective on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a report on Wednesday, May 28th. Wells Fargo & Company dropped their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a report on Thursday, April 10th. Barclays dropped their price objective on Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. Finally, Royal Bank of Canada lowered their price target on Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research note on Friday, May 2nd.

Hedge Funds Weigh In On Public Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Public Storage by 30.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock worth $40,926,000 after buying an additional 31,662 shares during the last quarter. Meridian Wealth Management LLC purchased a new stake in Public Storage in the fourth quarter valued at $395,000. Aew Capital Management L P raised its position in Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock valued at $131,574,000 after purchasing an additional 228,740 shares during the period. Jones Financial Companies Lllp raised its position in Public Storage by 53.5% in the fourth quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust’s stock valued at $5,759,000 after purchasing an additional 6,706 shares during the period. Finally, Meeder Asset Management Inc. raised its position in Public Storage by 1,360.5% in the fourth quarter. Meeder Asset Management Inc. now owns 1,256 shares of the real estate investment trust’s stock valued at $376,000 after purchasing an additional 1,170 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Down 1.3%

Public Storage stock opened at $300.10 on Monday. The firm has a market cap of $52.65 billion, a price-to-earnings ratio of 31.16, a price-to-earnings-growth ratio of 4.91 and a beta of 0.89. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The business’s 50-day moving average price is $296.11 and its 200 day moving average price is $301.90. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. Public Storage’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the company earned $4.03 earnings per share. As a group, sell-side analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is currently 119.17%.

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.