Public Storage (NYSE:PSA) Reaches New 12-Month High - Time to Buy?

Key Points

• Public Storage (PSA) shares hit a new 52-week high, trading as high as $313.27 and last around $312.70 on Tuesday with about 27,984 shares changing hands.
• Analysts are mixed but lean positive: MarketBeat shows a consensus rating of Moderate Buy with an average price target of $308.50, while individual broker targets range from $276 to $352.
• The company pays a quarterly dividend of $3.00 (annualized $12.00) for a 3.9% yield

Public Storage (NYSE:PSA - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $313.27 and last traded at $312.7010, with a volume of 27984 shares trading hands. The stock had previously closed at $312.17.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PSA. Truist Financial lifted their price target on shares of Public Storage from $315.00 to $317.00 and gave the company a "buy" rating in a research report on Tuesday, January 20th. UBS Group dropped their price target on shares of Public Storage from $293.00 to $276.00 and set a "neutral" rating for the company in a research report on Thursday, January 8th. Wolfe Research cut shares of Public Storage from an "outperform" rating to a "peer perform" rating in a research report on Monday, January 26th. Barclays lifted their price target on shares of Public Storage from $347.00 to $352.00 and gave the company an "overweight" rating in a research report on Monday. Finally, BMO Capital Markets restated a "market perform" rating on shares of Public Storage in a report on Monday, March 16th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and an average price target of $308.50.

Public Storage Stock Down 0.5%

The business's 50 day moving average is $292.61 and its 200-day moving average is $283.90. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market cap of $54.53 billion, a PE ratio of 34.44, a P/E/G ratio of 4.11 and a beta of 1.02.

Public Storage Dividend Announcement

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

Hedge Funds Weigh In On Public Storage

A number of institutional investors have recently modified their holdings of PSA. Empowered Funds LLC increased its holdings in shares of Public Storage by 13.3% in the 1st quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust's stock valued at $954,000 after acquiring an additional 373 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Public Storage in the 2nd quarter valued at $929,000. Nebula Research & Development LLC acquired a new position in shares of Public Storage in the 2nd quarter valued at $1,113,000. Treasurer of the State of North Carolina increased its holdings in shares of Public Storage by 1.9% in the 2nd quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust's stock valued at $21,647,000 after acquiring an additional 1,390 shares during the period. Finally, Ieq Capital LLC increased its holdings in shares of Public Storage by 219.8% in the 2nd quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust's stock valued at $14,140,000 after acquiring an additional 33,122 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.