Public Storage (NYSE:PSA) Stock Price Up 1.5% – What’s Next?

Public Storage (NYSE:PSA)’s share price shot up 1.5% during trading on Friday . The company traded as high as $296.50 and last traded at $299.14. 64,170 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 711,712 shares. The stock had previously closed at $294.74.

Analyst Ratings Changes

Several analysts have issued reports on the company. Barclays reissued an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Truist Financial decreased their target price on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. Scotiabank reduced their price objective on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $338.73.

Public Storage Stock Down 3.6 %

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $49.82 billion, a PE ratio of 29.49, a PEG ratio of 4.91 and a beta of 0.73. The company’s 50 day moving average is $300.05 and its two-hundred day moving average is $317.76.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.23%. Public Storage’s dividend payout ratio (DPR) is 112.89%.

Hedge Funds Weigh In On Public Storage

Several institutional investors have recently added to or reduced their stakes in PSA. Quent Capital LLC raised its holdings in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 50 shares in the last quarter. Ameriflex Group Inc. bought a new position in Public Storage during the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Public Storage in the 4th quarter worth $32,000. Synergy Asset Management LLC bought a new stake in shares of Public Storage in the 4th quarter worth about $38,000. Finally, Millstone Evans Group LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at about $38,000. Hedge funds and other 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.