Public Storage (NYSE:PSA) Receives $305.00 Average Price Target from Brokerages

Public Storage (NYSE:PSA - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the twelve research firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $305.00.

A number of research firms recently issued reports on PSA. The Goldman Sachs Group lifted their price target on shares of Public Storage from $307.00 to $340.00 and gave the company a "buy" rating in a research note on Thursday, January 11th. Barclays assumed coverage on Public Storage in a research report on Wednesday, March 27th. They set an "overweight" rating and a $330.00 price target for the company. Scotiabank upped their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a "sector perform" rating in a research note on Monday, March 18th. Raymond James raised Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 price target on the stock in a research report on Thursday, March 28th. Finally, Wells Fargo & Company raised Public Storage from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $280.00 to $310.00 in a research report on Friday, April 5th.

Public Storage Trading Down 6.0 %

NYSE:PSA traded down $17.49 during midday trading on Wednesday, hitting $275.85. The stock had a trading volume of 831,598 shares, compared to its average volume of 735,286. The company has a market capitalization of $48.46 billion, a price-to-earnings ratio of 24.94, a PEG ratio of 3.77 and a beta of 0.54. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a one year low of $233.18 and a one year high of $316.48. The stock has a 50-day moving average of $283.15 and a 200 day moving average of $276.35.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm's quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $4.16 EPS. As a group, sell-side analysts forecast that Public Storage will post 16.93 EPS for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.35%. Public Storage's dividend payout ratio is currently 108.50%.

Institutional Trading of Public Storage

A number of hedge funds and other institutional investors have recently modified their holdings of PSA. Price T Rowe Associates Inc. MD increased its stake in shares of Public Storage by 6.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,213,252 shares of the real estate investment trust's stock valued at $1,590,044,000 after purchasing an additional 317,172 shares during the period. Geode Capital Management LLC grew its stake in Public Storage by 3.6% during the 1st quarter. Geode Capital Management LLC now owns 3,742,458 shares of the real estate investment trust's stock valued at $1,131,364,000 after acquiring an additional 129,555 shares in the last quarter. JPMorgan Chase & Co. increased its position in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust's stock worth $835,032,000 after purchasing an additional 729,262 shares during the last quarter. Norges Bank acquired a new position in shares of Public Storage during the 4th quarter worth $821,151,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Public Storage by 8.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust's stock valued at $794,161,000 after acquiring an additional 216,331 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

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.