Public Storage (NYSE:PSA) Sets New 52-Week High at $369.99

Public Storage (NYSE:PSA) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $369.99 and last traded at $361.07, with a volume of 28118 shares changing hands. The stock had previously closed at $363.87.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PSA. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Barclays increased their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Scotiabank upped 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. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research note on Thursday, August 1st. Finally, Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and an average price target of $339.08.

Public Storage Price Performance

The stock has a market cap of $63.67 billion, a price-to-earnings ratio of 33.05, a P/E/G ratio of 5.10 and a beta of 0.67. 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 company’s fifty day moving average is $333.64 and its two-hundred day moving average is $298.87.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.28 EPS. As a group, research analysts predict that Public Storage will post 16.75 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s payout ratio is currently 108.99%.

Hedge Funds Weigh In On Public Storage

Several hedge funds and other institutional investors have recently made changes to their positions in PSA. Signet Financial Management LLC grew its stake in shares of Public Storage by 2.1% during the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after purchasing an additional 39 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Public Storage by 0.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after acquiring an additional 39 shares during the last quarter. Brookstone Capital Management raised its position in shares of Public Storage by 3.4% during the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after acquiring an additional 40 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its stake in Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 42 shares during the last quarter. Finally, Bangor Savings Bank boosted its holdings in Public Storage by 0.8% in the first quarter. Bangor Savings Bank now owns 5,359 shares of the real estate investment trust’s stock valued at $1,554,000 after purchasing an additional 43 shares in the last quarter. Hedge funds and other institutional investors 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.