Public Storage (NYSE:PSA) Receives $337.67 Consensus Price Target from Brokerages

Shares of Public Storage (NYSE:PSA - Get Free Report) have earned an average rating of "Moderate Buy" from the thirteen brokerages that are covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $337.42.

A number of research firms recently commented on PSA. Barclays reduced their price target on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday. Bank of America lifted their price target on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a report on Thursday, April 10th. Wells Fargo & Company reduced their price target on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Finally, Mizuho began coverage on Public Storage in a report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price target for the company.

Public Storage Stock Down 0.6%

Shares of NYSE PSA traded down $1.94 during mid-day trading on Thursday, hitting $307.52. The company had a trading volume of 479,408 shares, compared to its average volume of 743,970. The company has a market capitalization of $53.95 billion, a PE ratio of 31.93, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. The firm has a 50-day simple moving average of $293.87 and a two-hundred day simple moving average of $305.32. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a one year low of $256.60 and a one year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating the consensus estimate of $4.06 by $0.06. The company 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 for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the company earned $4.03 EPS. On average, equities analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date is Thursday, June 12th. Public Storage's dividend payout ratio is 119.17%.

Hedge Funds Weigh In On Public Storage

A number of hedge funds have recently bought and sold shares of PSA. Intech Investment Management LLC boosted its holdings in Public Storage by 2,005.1% in the 1st quarter. Intech Investment Management LLC now owns 21,283 shares of the real estate investment trust's stock valued at $6,370,000 after purchasing an additional 20,272 shares during the period. Focus Partners Wealth boosted its stake in shares of Public Storage by 14.8% in the first quarter. Focus Partners Wealth now owns 16,036 shares of the real estate investment trust's stock valued at $4,800,000 after buying an additional 2,065 shares during the period. Flaharty Asset Management LLC bought a new stake in shares of Public Storage in the first quarter valued at approximately $104,000. Advisory Alpha LLC grew its position in Public Storage by 4.3% during the first quarter. Advisory Alpha LLC now owns 1,751 shares of the real estate investment trust's stock worth $524,000 after buying an additional 72 shares in the last quarter. Finally, Bayforest Capital Ltd increased its stake in Public Storage by 465.0% during the 1st quarter. Bayforest Capital Ltd now owns 339 shares of the real estate investment trust's stock worth $101,000 after acquiring an additional 279 shares during the period. 78.79% of the stock is owned by 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.