Brokerages Set Public Storage (NYSE:PSA) Target Price at $338.00

Public Storage (NYSE:PSA) has earned an average rating of “Moderate Buy” from the twelve brokerages that are currently covering the stock, Marketbeat reports. Seven research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $338.73.

Several equities analysts recently issued reports on PSA shares. Wells Fargo & Company cut their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Truist Financial cut their target price on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Scotiabank cut their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Finally, Barclays reissued an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th.

Institutional Investors Weigh In On Public Storage

Institutional investors and hedge funds have recently modified their holdings of the business. Lansforsakringar Fondforvaltning AB publ bought a new position in Public Storage in the fourth quarter valued at approximately $37,022,000. Phocas Financial Corp. bought a new position in shares of Public Storage in the 4th quarter worth $213,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Public Storage during the fourth quarter worth $99,157,000. Azzad Asset Management Inc. ADV grew its stake in shares of Public Storage by 1.5% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 4,696 shares of the real estate investment trust’s stock worth $1,406,000 after purchasing an additional 70 shares during the period. Finally, Integrated Advisors Network LLC increased its holdings in Public Storage by 1.4% in the fourth quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust’s stock valued at $918,000 after purchasing an additional 41 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Performance

Public Storage stock opened at $294.25 on Wednesday. The firm has a market capitalization of $51.62 billion, a P/E ratio of 30.56, a P/E/G ratio of 4.91 and a beta of 0.73. The stock has a fifty day moving average price of $299.91 and a two-hundred day moving average price of $320.30. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.08%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

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.