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

Shares of Public Storage (NYSE:PSA) have been assigned an average recommendation of “Moderate Buy” from the fifteen research firms that are covering the company, MarketBeat Ratings 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 issued a strong buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $340.93.

A number of brokerages have recently commented on PSA. Barclays raised their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Jefferies Financial Group boosted their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. Finally, Wells Fargo & Company boosted their price target on Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $336.34 on Friday. The business has a 50-day moving average of $347.58 and a two-hundred day moving average of $306.91. The firm has a market capitalization of $58.87 billion, a PE ratio of 31.52, a P/E/G ratio of 4.72 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the company posted $4.28 EPS. As a group, research analysts forecast that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.57%. Public Storage’s dividend payout ratio (DPR) is 112.46%.

Institutional Trading of Public Storage

Institutional investors and hedge funds have recently modified their holdings of the business. Centersquare Investment Management LLC lifted its holdings in Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after acquiring an additional 173,975 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Public Storage in the 2nd quarter worth approximately $14,301,000. PGGM Investments boosted its position in Public Storage by 8.0% during the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after purchasing an additional 12,396 shares during the period. Allspring Global Investments Holdings LLC grew its stake in 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 buying an additional 2,605 shares during the last quarter. Finally, Swedbank AB acquired a new stake in Public Storage in the first quarter worth $17,465,000. 78.79% of the stock is owned by institutional investors and hedge funds.

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.