Public Storage (NYSE:PSA) Sets New 12-Month High – Time to Buy?

Public Storage (NYSE:PSA)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $313.27 and last traded at $312.7010, with a volume of 27984 shares changing hands. The stock had previously closed at $312.17.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Wells Fargo & Company lowered shares of Public Storage from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $330.00 to $295.00 in a research note on Thursday, February 5th. Wolfe Research lowered shares of Public Storage from an “outperform” rating to a “peer perform” rating in a research note on Monday, January 26th. JPMorgan Chase & Co. lowered their price objective on shares of Public Storage from $295.00 to $291.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Evercore lowered their price objective on shares of Public Storage from $311.00 to $309.00 in a research note on Monday, April 13th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $330.00 price objective on shares of Public Storage in a research note on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $308.50.

Public Storage Stock Performance

The business has a 50-day moving average of $293.14 and a two-hundred day moving average of $284.15. The company has a market cap of $53.33 billion, a P/E ratio of 33.69, a P/E/G ratio of 4.09 and a beta of 1.02. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Monday, March 16th. This represents a $12.00 dividend on an annualized basis and a yield of 3.9%. Public Storage’s dividend payout ratio (DPR) is presently 133.04%.

Institutional Investors Weigh In On Public Storage

Several institutional investors have recently added to or reduced their stakes in PSA. First Pacific Financial acquired a new stake in Public Storage in the third quarter worth about $26,000. Bayban acquired a new stake in Public Storage in the fourth quarter worth about $26,000. Harvest Fund Management Co. Ltd acquired a new stake in Public Storage in the third quarter worth about $27,000. Raiffeisen Bank International AG acquired a new stake in Public Storage in the third quarter worth about $30,000. Finally, Tradewinds Capital Management LLC acquired a new stake in Public Storage in the third quarter worth about $33,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.