Public Storage (NYSE:PSA) Receives Consensus Rating of “Moderate Buy” from Analysts

Public Storage (NYSE:PSA) has been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $339.08.

Several analysts have commented on the stock. Wells Fargo & Company raised their target price on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Jefferies Financial Group boosted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a report on Monday, August 5th. Scotiabank boosted their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Finally, Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th.

Hedge Funds Weigh In On Public Storage

Several hedge funds and other institutional investors have recently made changes to their positions in PSA. The Manufacturers Life Insurance Company increased its position in Public Storage by 4.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock worth $39,373,000 after buying an additional 5,239 shares during the last quarter. Global Assets Advisory LLC acquired a new position in shares of Public Storage during the 1st quarter worth approximately $7,319,000. Centersquare Investment Management LLC raised its stake in 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 valued at $343,573,000 after acquiring an additional 173,975 shares during the period. Scarborough Advisors LLC acquired a new stake in Public Storage during the 4th quarter valued at $4,701,000. Finally, KBC Group NV boosted its position in Public Storage by 47.4% during the fourth quarter. KBC Group NV now owns 60,928 shares of the real estate investment trust’s stock worth $18,583,000 after purchasing an additional 19,598 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

PSA opened at $360.06 on Wednesday. The stock has a market cap of $63.02 billion, a P/E ratio of 32.70, a P/E/G ratio of 5.02 and a beta of 0.67. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99. 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 company has a fifty day simple moving average of $334.80 and a 200 day simple moving average of $299.46.

Public Storage (NYSE:PSA) last announced its quarterly earnings results 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). 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 during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the company earned $4.28 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. On average, research analysts expect that Public Storage will post 16.75 EPS for the current year.

Public Storage Announces Dividend

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 dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

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.