Public Storage (NYSE:PSA) Receives $339.64 Average PT from Brokerages

Shares of Public Storage (NYSE:PSA) have received an average rating of “Moderate Buy” from the fifteen research firms that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation, six have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $339.64.

Several analysts have issued reports on PSA shares. Royal Bank of Canada cut their price objective on 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. Citigroup upped their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Truist Financial cut 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. Evercore ISI cut their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Finally, Wells Fargo & Company cut their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th.

Public Storage Price Performance

Shares of NYSE PSA opened at $337.58 on Thursday. 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 has a 1-year low of $251.49 and a 1-year high of $369.99. The company has a market capitalization of $59.11 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 5.59 and a beta of 0.70. The business has a 50-day moving average of $343.82 and a 200-day moving average of $316.69.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

Hedge Funds Weigh In On Public Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC bought a new stake in shares of Public Storage during the 2nd quarter worth $14,301,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Public Storage by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after acquiring an additional 2,605 shares in the last quarter. PGGM Investments boosted its stake in shares of Public Storage by 8.0% during the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after acquiring an additional 12,396 shares in the last quarter. Swedbank AB bought a new stake in shares of Public Storage during the 1st quarter worth $17,465,000. Finally, Massmutual Trust Co. FSB ADV boosted its stake in shares of Public Storage by 15.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock worth $5,916,000 after acquiring an additional 2,770 shares in the last quarter. 78.79% of the stock is owned by 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.