Public Storage (NYSE:PSA) Upgraded to “Strong-Buy” by Wolfe Research

Wolfe Research upgraded shares of Public Storage (NYSE:PSA) to a strong-buy rating in a research report report published on Wednesday morning, Zacks.com reports.

Several other research analysts have also recently commented on the stock. Scotiabank increased their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a sector perform rating in a report on Thursday, August 22nd. Evercore ISI raised their target price on shares of Public Storage from $330.00 to $334.00 and gave the stock an in-line rating in a research note on Wednesday, August 28th. Citigroup raised their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a buy rating in a research report on Friday, August 30th. Barclays raised their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an overweight rating in a report on Thursday, August 22nd. Finally, Truist Financial lowered shares of Public Storage from a buy rating to a hold rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Public Storage has a consensus rating of Moderate Buy and an average target price of $323.77.

Public Storage Stock Up 1.3 %

Shares of NYSE:PSA opened at $345.63 on Wednesday. Public Storage has a 52 week low of $233.18 and a 52 week high of $347.77. 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 $60.49 billion, a PE ratio of 31.39, a PEG ratio of 5.69 and a beta of 0.67. The company has a 50 day moving average price of $313.10 and a two-hundred day moving average price of $290.42.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the company posted $4.28 EPS. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. Analysts forecast that Public Storage will post 16.72 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.47%. Public Storage’s dividend payout ratio is presently 108.99%.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 11.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in shares of 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 worth $26,000 after purchasing an additional 44 shares during the period. Core Wealth Advisors Inc. bought a new stake in shares of Public Storage in the 4th quarter valued at $30,000. OFI Invest Asset Management bought a new stake in shares of Public Storage in the 2nd quarter valued at $32,000. ICA Group Wealth Management LLC bought a new stake in shares of Public Storage in the 4th quarter valued at $37,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Public Storage in the 2nd quarter valued at $36,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

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.