Public Storage (NYSE:PSA) Price Target Lowered to $360.00 at Stifel Nicolaus

Public Storage (NYSE:PSA – Get Rating) had its price target reduced by Stifel Nicolaus from $410.00 to $360.00 in a research note published on Tuesday, The Fly reports.

Several other brokerages also recently commented on PSA. Raymond James decreased their price objective on shares of Public Storage from $375.00 to $365.00 in a research report on Monday, May 23rd. Morgan Stanley dropped their price objective on shares of Public Storage from $357.00 to $298.00 and set an equal weight rating for the company in a research note on Wednesday, May 25th. Evercore ISI set a $348.00 target price on shares of Public Storage in a report on Monday. StockNews.com lowered shares of Public Storage from a buy rating to a hold rating in a report on Friday, June 10th. Finally, BMO Capital Markets upgraded shares of Public Storage from a market perform rating to an outperform rating and reduced their price target for the company from $410.00 to $370.00 in a report on Thursday, May 19th. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Public Storage has an average rating of Moderate Buy and a consensus price target of $372.00.

Shares of NYSE:PSA opened at $302.09 on Tuesday. The company has a market cap of $53.01 billion, a price-to-earnings ratio of 29.36, a price-to-earnings-growth ratio of 2.73 and a beta of 0.29. The company has a 50-day moving average price of $342.20 and a 200-day moving average price of $357.26. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 1.39. Public Storage has a 12 month low of $292.32 and a 12 month high of $421.76.

Public Storage (NYSE:PSA – Get Rating) last announced its quarterly earnings data on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.96). Public Storage had a return on equity of 38.01% and a net margin of 54.79%. The business had revenue of $749.27 million during the quarter, compared to analysts’ expectations of $985.58 million. During the same quarter last year, the company 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, research analysts forecast that Public Storage will post 15.52 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Tuesday, June 14th. Public Storage’s dividend payout ratio (DPR) is presently 77.75%.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Public Storage by 54.3% in the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,421 shares of the real estate investment trust’s stock worth $555,000 after acquiring an additional 500 shares during the period. J.W. Cole Advisors Inc. raised its position in shares of Public Storage by 11.8% during the 1st quarter. J.W. Cole Advisors Inc. now owns 1,592 shares of the real estate investment trust’s stock valued at $621,000 after acquiring an additional 168 shares in the last quarter. Neuberger Berman Group LLC grew its stake in Public Storage by 4.6% during the 1st quarter. Neuberger Berman Group LLC now owns 497,913 shares of the real estate investment trust’s stock worth $194,380,000 after buying an additional 22,040 shares during the last quarter. Sawtooth Solutions LLC grew its stake in Public Storage by 7.1% during the 1st quarter. Sawtooth Solutions LLC now owns 1,345 shares of the real estate investment trust’s stock worth $525,000 after buying an additional 89 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its stake in shares of Public Storage by 8.4% in the first quarter. EP Wealth Advisors LLC now owns 1,137 shares of the real estate investment trust’s stock worth $444,000 after purchasing an additional 88 shares in the last quarter. Institutional investors own 78.54% of the company’s stock.

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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