Public Storage (NYSE:PSA) Upgraded to “Hold” at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage (NYSE:PSA) from a sell rating to a hold rating in a research report sent to investors on Friday, Marketbeat.com reports. They currently have $299.00 target price on the real estate investment trust’s stock, up from their prior target price of $298.00.

A number of other research firms also recently issued reports on PSA. Barclays lowered their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Truist Financial boosted their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Evercore ISI decreased their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Finally, Royal Bank of Canada cut their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $346.00.

Public Storage Stock Down 2.3 %

Shares of PSA opened at $288.65 on Friday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company’s fifty day moving average is $321.09 and its two-hundred day moving average is $325.66. The firm has a market cap of $50.55 billion, a PE ratio of 29.97, a price-to-earnings-growth ratio of 5.29 and a beta of 0.74. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a $3.00 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.16%. Public Storage’s payout ratio is currently 124.61%.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 11.00% of the company’s stock.

Institutional Trading of Public Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Graypoint LLC grew its holdings in Public Storage by 7.5% during the 4th quarter. Graypoint LLC now owns 747 shares of the real estate investment trust’s stock worth $224,000 after acquiring an additional 52 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in Public Storage by 70.0% in the fourth quarter. Harbor Capital Advisors Inc. now owns 255 shares of the real estate investment trust’s stock worth $76,000 after purchasing an additional 105 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Public Storage in the fourth quarter worth about $7,849,000. Doliver Advisors LP increased its holdings in Public Storage by 2.6% in the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock valued at $433,000 after buying an additional 36 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in Public Storage by 1.6% during the fourth quarter. Nordea Investment Management AB now owns 12,738 shares of the real estate investment trust’s stock valued at $3,792,000 after buying an additional 200 shares in the last quarter. 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.