Public Storage (NYSE:PSA) Receives $336.93 Average Target Price from Brokerages

Key Points

• Public Storage (NYSE: PSA) has received a consensus recommendation of "Moderate Buy" from analysts, with six hold ratings, eight buy ratings, and two strong buy ratings.
• The average 1-year price target for Public Storage shares is $336.93, with various brokerages setting price objectives ranging from $297.00 to $380.00.
• The company reported $4.12 earnings per share in its last quarterly earnings, exceeding analysts' expectations, along with a 4.19% annualized dividend yield.

Public Storage (NYSE:PSA - Get Free Report) has received an average recommendation of "Moderate Buy" from the sixteen analysts that are covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $336.93.

PSA has been the subject of a number of research analyst reports. Evercore ISI boosted their target price on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research report on Friday, May 2nd. BNP Paribas Exane initiated coverage on Public Storage in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 target price for the company. Scotiabank boosted their target price on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Barclays decreased their target price on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Finally, Mizuho lifted their price target on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th.

Hedge Funds Weigh In On Public Storage

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Public Storage by 0.7% in the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock valued at $6,206,046,000 after purchasing an additional 143,575 shares during the last quarter. Cohen & Steers Inc. raised its holdings 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 acquiring an additional 592,944 shares during the period. Geode Capital Management LLC raised its holdings in Public Storage by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock valued at $1,197,769,000 after acquiring an additional 78,472 shares during the period. Wellington Management Group LLP raised its holdings in Public Storage by 1.0% during the 1st quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust's stock valued at $894,177,000 after acquiring an additional 30,775 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Public Storage by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust's stock valued at $848,425,000 after acquiring an additional 34,718 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Trading Up 2.4%

Shares of PSA stock traded up $6.76 during mid-day trading on Tuesday, hitting $292.75. The company's stock had a trading volume of 854,052 shares, compared to its average volume of 843,269. The company's fifty day simple moving average is $294.60 and its 200-day simple moving average is $296.04. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The company has a market cap of $51.36 billion, a PE ratio of 29.07, a P/E/G ratio of 4.17 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company posted $4.03 EPS. The firm's revenue was up .1% compared to the same quarter last year. As a group, equities research analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were paid a $3.00 dividend. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.10%. Public Storage's payout ratio is presently 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.