Public Storage (NYSE:PSA) Receives $340.93 Average Price Target from Brokerages

Public Storage (NYSE:PSA) has earned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $341.43.

Several equities research analysts have issued reports on the company. Wells Fargo & Company lifted their price target on Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Citigroup lifted their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Royal Bank of Canada assumed coverage on Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target for the company. Barclays lifted their price target on Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Morgan Stanley boosted their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd.

Public Storage Price Performance

Public Storage stock opened at $331.26 on Friday. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. The business has a 50-day simple moving average of $347.97 and a 200 day simple moving average of $308.07. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market cap of $57.98 billion, a price-to-earnings ratio of 31.05, a PEG ratio of 4.74 and a beta of 0.68.

Public Storage (NYSE:PSA) last posted 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 return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the firm earned $4.28 earnings per share. Public Storage’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, research analysts forecast that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.62%. Public Storage’s dividend payout ratio (DPR) is 112.46%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of 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. Price T Rowe Associates Inc. MD grew its holdings in shares of 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. APG Asset Management US Inc. grew its holdings in shares of Public Storage by 4.8% during the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after acquiring an additional 100,000 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Public Storage by 8.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after buying an additional 95,080 shares during the last quarter. Finally, Centersquare Investment Management LLC grew its stake in shares of Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after buying an additional 173,975 shares during the last quarter. 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.