Public Storage (NYSE:PSA) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Eighteen analysts have a consensus recommendation of Hold on Public Storage, with 12 holds, four buys and two strong buys, and an average 12‑month price target of $307.13.
• Public Storage announced a quarterly dividend of $3.00 per share (ex-dividend/record date March 16; payable March 31), implying a $12.00 annualized payout and a 3.9% yield but a high payout ratio of 133.04%.
• The stock trades around $306 with a market cap of $53.7 billion and a P/E of 33.92, and roughly 78.8% of shares are owned by institutional investors.

Shares of Public Storage (NYSE:PSA - Get Free Report) have been given a consensus recommendation of "Hold" by the eighteen research firms that are covering the firm, Marketbeat reports. Twelve investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $307.1250.

Several research analysts have recently issued reports on PSA shares. Raymond James Financial dropped their target price on shares of Public Storage from $350.00 to $330.00 and set a "strong-buy" rating on the stock in a research note on Tuesday, November 18th. Morgan Stanley initiated coverage on Public Storage in a research note on Friday, December 5th. They set an "equal weight" rating and a $290.00 target price on the stock. Evercore set a $302.00 target price on Public Storage in a report on Tuesday, February 17th. The Goldman Sachs Group reissued a "buy" rating and set a $330.00 price objective on shares of Public Storage in a report on Friday, February 20th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $301.00 target price (down from $316.00) on shares of Public Storage in a report on Thursday, December 18th.

Hedge Funds Weigh In On Public Storage

A number of hedge funds have recently modified their holdings of the company. First Pacific Financial purchased a new position in shares of Public Storage during the 3rd quarter valued at $26,000. Bayban purchased a new stake in Public Storage in the 4th quarter worth $26,000. Harvest Fund Management Co. Ltd bought a new stake in Public Storage during the third quarter valued at about $27,000. Asset Dedication LLC lifted its position in shares of Public Storage by 111.1% in the second quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust's stock valued at $28,000 after acquiring an additional 50 shares in the last quarter. Finally, Raiffeisen Bank International AG purchased a new position in shares of Public Storage in the third quarter valued at about $30,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

PSA opened at $305.95 on Wednesday. The firm has a market cap of $53.70 billion, a PE ratio of 33.92, a P/E/G ratio of 6.21 and a beta of 0.99. The stock has a 50-day moving average price of $288.77 and a 200-day moving average price of $284.60. Public Storage has a 1 year low of $256.54 and a 1 year high of $314.31. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be given a dividend of $3.00 per share. The ex-dividend date is Monday, March 16th. This represents a $12.00 annualized dividend and a yield of 3.9%. Public Storage's payout ratio is 133.04%.

Public Storage Company Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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