Public Storage (NYSE:PSA) PT Lowered to $338.00

Public Storage (NYSE:PSA) had its price target lowered by Evercore ISI from $343.00 to $338.00 in a research note published on Monday, Benzinga reports. The brokerage currently has an in-line rating on the real estate investment trust’s stock.

Several other equities analysts have also recently issued reports on the stock. Citigroup upped their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a buy rating in a research note on Friday, August 30th. Scotiabank upped their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a sector perform rating in a research note on Thursday, August 22nd. Jefferies Financial Group upped their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a buy rating in a research note on Wednesday, September 18th. Barclays increased their price objective 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. Finally, Truist Financial cut shares of Public Storage from a buy rating to a hold rating and set a $306.00 price objective on the stock. in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $337.00.

Public Storage Stock Performance

Shares of PSA stock opened at $343.88 on Monday. Public Storage has a one year low of $233.18 and a one year high of $369.99. The company’s 50-day moving average is $343.10 and its 200 day moving average is $303.67. The company has a market capitalization of $60.19 billion, a price-to-earnings ratio of 32.23, a price-to-earnings-growth ratio of 4.82 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last announced its quarterly earnings data 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). The firm had revenue of $921.70 million for 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%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the company posted $4.28 earnings per share. Sell-side analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.49%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio is 112.46%.

Institutional Investors Weigh In On Public Storage

A number of institutional investors have recently added to or reduced their stakes in PSA. Syon Capital LLC grew its holdings in shares of Public Storage by 11.8% in the fourth quarter. Syon Capital LLC now owns 1,005 shares of the real estate investment trust’s stock valued at $306,000 after purchasing an additional 106 shares in the last quarter. Scarborough Advisors LLC purchased a new position in shares of Public Storage in the fourth quarter valued at $78,000. Leo Wealth LLC purchased a new position in shares of Public Storage in the fourth quarter valued at $264,000. HighPoint Advisor Group LLC purchased a new position in shares of Public Storage in the fourth quarter valued at $523,000. Finally, Nomura Holdings Inc. purchased a new position in shares of Public Storage in the fourth quarter valued at $8,568,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

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.