Public Storage (NYSE:PSA – Get Rating) has received a consensus rating of “Buy” from the thirteen research firms that are currently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $372.91.
Several research firms recently commented on PSA. Morgan Stanley cut their price target on Public Storage from $357.00 to $298.00 and set an “equal weight” rating for the company in a report on Wednesday, May 25th. JPMorgan Chase & Co. increased their price objective on Public Storage from $385.00 to $434.00 and gave the stock an “overweight” rating in a research report on Monday, April 4th. BMO Capital Markets upgraded Public Storage from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $410.00 to $370.00 in a research report on Thursday, May 19th. Raymond James cut their price target on Public Storage from $375.00 to $365.00 in a research note on Monday, May 23rd. Finally, The Goldman Sachs Group raised their price target on Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a research note on Thursday, April 14th.
Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Public Storage by 1.4% during the first quarter. Vanguard Group Inc. now owns 20,359,277 shares of the real estate investment trust’s stock worth $7,945,819,000 after buying an additional 275,264 shares in the last quarter. BlackRock Inc. lifted its position in Public Storage by 2.7% in the 4th quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock worth $6,463,290,000 after buying an additional 456,793 shares in the last quarter. State Street Corp lifted its position in Public Storage by 10.3% in the 1st quarter. State Street Corp now owns 11,667,458 shares of the real estate investment trust’s stock worth $4,553,576,000 after buying an additional 1,085,578 shares in the last quarter. Wellington Management Group LLP lifted its position in Public Storage by 1.9% in the 1st quarter. Wellington Management Group LLP now owns 4,041,870 shares of the real estate investment trust’s stock worth $1,577,461,000 after buying an additional 74,406 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Public Storage by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 3,183,181 shares of the real estate investment trust’s stock valued at $1,189,857,000 after purchasing an additional 66,728 shares in the last quarter. Institutional investors own 78.54% of the company’s stock.
Public Storage (NYSE:PSA – Get Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 EPS for the quarter, missing the consensus estimate of $3.59 by ($0.96). Public Storage had a net margin of 54.79% and a return on equity of 38.01%. The company had revenue of $749.27 million during the quarter, compared to analyst estimates of $985.58 million. During the same period in the prior year, the business posted $2.82 EPS. Public Storage’s revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, analysts predict that Public Storage will post 15.51 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be paid a $2.00 dividend. The ex-dividend date is Tuesday, June 14th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.68%. Public Storage’s dividend payout ratio (DPR) is presently 77.75%.
About Public Storage (Get Rating)
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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.
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