Public Storage (NYSE:PSA) Price Target Raised to $378.00 at Citigroup

Public Storage (NYSE:PSA) had its price target upped by Citigroup from $303.00 to $378.00 in a research report report published on Friday, Benzinga reports. Citigroup currently has a buy rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on PSA. Wells Fargo & Company lifted their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an overweight rating in a research report on Friday, July 26th. Barclays boosted their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an overweight rating in a research note on Thursday, August 22nd. Truist Financial lowered Public Storage from a buy rating to a hold rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. Bank of America downgraded Public Storage from a buy rating to a neutral rating and set a $318.00 target price on the stock. in a research report on Monday, August 5th. Finally, Scotiabank raised their price target on Public Storage from $308.00 to $339.00 and gave the company a sector perform rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $323.77.

Public Storage Trading Up 0.6 %

Shares of Public Storage stock opened at $343.72 on Friday. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $344.32. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $60.40 billion, a P/E ratio of 31.22, a P/E/G ratio of 5.28 and a beta of 0.65. The company has a fifty day moving average of $306.61 and a 200 day moving average of $287.79.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to the consensus estimate 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 was down 1.0% on a year-over-year basis. During the same period last year, the company earned $4.28 EPS. On average, sell-side analysts anticipate that Public Storage will post 16.74 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

Insiders Place Their Bets

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 owns 3,214 shares of the company’s stock, valued at $881,568.06. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Public Storage

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC lifted its position in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares during the last quarter. Core Wealth Advisors Inc. bought a new stake in Public Storage during the 4th quarter valued at about $30,000. EdgeRock Capital LLC bought a new stake in Public Storage during the 4th quarter valued at about $32,000. OFI Invest Asset Management purchased a new stake in Public Storage in the 2nd quarter valued at about $32,000. Finally, ICA Group Wealth Management LLC bought a new position in Public Storage in the 4th quarter worth about $37,000. 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.