Public Storage (NYSE:PSA) Receives $339.25 Average PT from Analysts

Shares of Public Storage (NYSE:PSA - Get Free Report) have earned a consensus rating of "Moderate Buy" from the thirteen brokerages that are covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $339.25.

PSA has been the subject of a number of research reports. Royal Bank of Canada dropped their price objective on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. Wells Fargo & Company dropped their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Scotiabank lifted their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. Mizuho increased their price objective on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Finally, Evercore ISI raised their target price 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.

Hedge Funds Weigh In On Public Storage

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Public Storage in the fourth quarter valued at approximately $931,286,000. Nuveen LLC bought a new position in shares of Public Storage in the 1st quarter worth $271,196,000. Northern Trust Corp grew its position in Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock valued at $741,592,000 after purchasing an additional 749,913 shares during the period. Cohen & Steers Inc. increased its stake in Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Public Storage by 34,827.1% during the first quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock worth $157,114,000 after buying an additional 523,452 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

Public Storage Price Performance

Public Storage stock traded down $0.26 during mid-day trading on Monday, reaching $302.65. The company had a trading volume of 567,507 shares, compared to its average volume of 748,025. The business has a fifty day simple moving average of $295.50 and a 200 day simple moving average of $302.14. The company has a market cap of $53.09 billion, a P/E ratio of 31.43, a P/E/G ratio of 4.91 and a beta of 0.89. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. 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 (NYSE:PSA - Get Free Report) last released 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. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the business posted $4.03 EPS. Public Storage's revenue for the quarter was up .1% on a year-over-year basis. On average, equities research analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Thursday, June 12th. 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.