Public Storage (NYSE:PSA) Sets New 12-Month High After Analyst Upgrade

Public Storage (NYSE:PSA)’s stock price reached a new 52-week high during mid-day trading on Monday after Evercore ISI raised their price target on the stock from $334.00 to $343.00. Evercore ISI currently has an in-line rating on the stock. Public Storage traded as high as $361.64 and last traded at $359.27, with a volume of 22038 shares traded. The stock had previously closed at $359.16.

A number of other research analysts also recently issued reports on the company. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Citigroup increased their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Royal Bank of Canada initiated coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective for the company. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Finally, Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $325.85.

Institutional Trading of Public Storage

Several hedge funds have recently added to or reduced their stakes in PSA. Daiwa Securities Group Inc. lifted its holdings in Public Storage by 86.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock worth $187,137,000 after purchasing an additional 299,826 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Public Storage by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after acquiring an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Public Storage by 4.2% during the 1st 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 acquiring an additional 219,391 shares during the period. Vanguard Group Inc. increased its stake in Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares during the period. Finally, AQR Capital Management LLC increased its stake in Public Storage by 116.7% during the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after acquiring an additional 208,546 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

The stock has a 50 day simple moving average of $323.03 and a 200 day simple moving average of $294.19. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market cap of $62.83 billion, a P/E ratio of 32.48, a price-to-earnings-growth ratio of 5.06 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 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the business earned $4.28 EPS. Public Storage’s revenue was down 1.0% on a year-over-year basis. On average, equities analysts expect that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.36%. Public Storage’s payout ratio is 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.