Analysts Set Public Storage (NYSE:PSA) Price Target at $323.77

Shares of Public Storage (NYSE:PSA) have earned a consensus rating of “Moderate Buy” from the fourteen analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation, five have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $325.15.

A number of research firms recently commented on PSA. Scotiabank raised 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 note on Thursday, August 22nd. Evercore ISI boosted their price objective on Public Storage from $330.00 to $334.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Barclays boosted their price target on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd.

Institutional Investors Weigh In On Public Storage

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after buying an additional 217,487 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares in the last quarter. Norges Bank bought a new position in Public Storage during the fourth quarter worth about $821,151,000. APG Asset Management US Inc. boosted its holdings in Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of Public Storage by 8.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after purchasing an additional 95,080 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Up 0.8 %

Shares of Public Storage stock opened at $359.16 on Friday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a 1-year low of $233.18 and a 1-year high of $361.23. The business’s fifty day moving average price is $320.20 and its two-hundred day moving average price is $292.92. The company has a market capitalization of $62.86 billion, a P/E ratio of 32.62, a PEG ratio of 5.07 and a beta of 0.67.

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

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is presently 108.99%.

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.