Public Storage (NYSE:PSA) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Public Storage (NYSE:PSA) have been given an average recommendation of “Moderate Buy” by the eleven research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $303.00.

PSA has been the subject of a number of research analyst reports. Barclays reduced their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. BMO Capital Markets boosted their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Scotiabank boosted their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Finally, Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a research report on Thursday, March 28th.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kristy Pipes bought 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Public Storage

Institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its position in Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 44 shares during the last quarter. Core Wealth Advisors Inc. purchased a new stake in Public Storage in the 4th quarter valued at $30,000. Private Ocean LLC raised its position in Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 109 shares during the last quarter. EdgeRock Capital LLC purchased a new stake in Public Storage in the 4th quarter valued at $32,000. Finally, Centerpoint Advisors LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at $35,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Trading Down 0.3 %

PSA stock opened at $291.05 on Monday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The company has a fifty day moving average price of $273.51 and a two-hundred day moving average price of $282.40. Public Storage has a one year low of $233.18 and a one year high of $312.25. The stock has a market cap of $51.15 billion, a price-to-earnings ratio of 26.44, a price-to-earnings-growth ratio of 4.08 and a beta of 0.63.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend is Wednesday, June 12th. Public Storage’s payout ratio is 108.99%.

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.