Public Storage (NYSE:PSA) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Public Storage (NYSE:PSA) have earned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $337.42.

PSA has been the topic of several recent research reports. Evercore ISI boosted their price target on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research report on Friday, May 2nd. Bank of America boosted their price target on Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Truist Financial upgraded Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a report on Thursday, April 10th. Wells Fargo & Company cut their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Finally, Barclays dropped their price target on Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a research report on Friday.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Advisory Alpha LLC grew its position in shares of Public Storage by 4.3% during the 1st quarter. Advisory Alpha LLC now owns 1,751 shares of the real estate investment trust’s stock valued at $524,000 after purchasing an additional 72 shares in the last quarter. Bayforest Capital Ltd grew its position in shares of Public Storage by 465.0% during the 1st quarter. Bayforest Capital Ltd now owns 339 shares of the real estate investment trust’s stock valued at $101,000 after purchasing an additional 279 shares in the last quarter. Alaethes Wealth LLC lifted its holdings in shares of Public Storage by 5.2% during the 1st quarter. Alaethes Wealth LLC now owns 4,654 shares of the real estate investment trust’s stock worth $1,393,000 after acquiring an additional 231 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Public Storage by 4.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,771,006 shares of the real estate investment trust’s stock worth $530,044,000 after acquiring an additional 68,484 shares during the last quarter. Finally, Empowered Funds LLC lifted its holdings in shares of Public Storage by 13.3% during the 1st quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust’s stock worth $954,000 after acquiring an additional 373 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of Public Storage stock opened at $309.08 on Thursday. The firm has a market capitalization of $54.22 billion, a P/E ratio of 32.10, a P/E/G ratio of 4.91 and a beta of 0.91. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm’s 50 day moving average is $293.57 and its two-hundred day moving average is $305.30.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. Public Storage’s revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.03 earnings per share. Research analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.88%. Public Storage’s dividend payout ratio (DPR) is currently 119.17%.

About Public Storage

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.