Public Storage (NYSE:PSA) Stock Rating Upgraded by BNP Paribas

BNP Paribas upgraded shares of Public Storage (NYSE:PSA - Free Report) to a strong-buy rating in a research note published on Tuesday morning, Marketbeat Ratings reports.

Several other research analysts have also issued reports on the stock. Truist Financial upgraded shares of 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. Barclays reduced their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Mizuho lifted their price objective on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. BNP Paribas Exane started coverage on shares of Public Storage in a report on Tuesday. They set an "outperform" rating and a $331.00 price objective on the stock. Finally, Bank of America lifted their target price on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Six equities research 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $337.64.

Public Storage Price Performance

Public Storage stock traded up $1.43 during trading hours on Tuesday, reaching $290.00. 1,194,232 shares of the stock were exchanged, compared to its average volume of 750,641. The stock has a 50 day moving average of $298.55 and a two-hundred day moving average of $297.88. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The company has a market cap of $50.87 billion, a P/E ratio of 28.80, a price-to-earnings-growth ratio of 4.17 and a beta of 0.89.

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

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.14%. The ex-dividend date was Thursday, June 12th. Public Storage's payout ratio is 119.17%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. IFP Advisors Inc boosted its stake in Public Storage by 8.5% in the fourth quarter. IFP Advisors Inc now owns 2,684 shares of the real estate investment trust's stock worth $804,000 after buying an additional 210 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Public Storage by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust's stock worth $328,677,000 after buying an additional 21,165 shares in the last quarter. Amalgamated Bank boosted its stake in Public Storage by 2.5% in the fourth quarter. Amalgamated Bank now owns 32,870 shares of the real estate investment trust's stock worth $9,843,000 after buying an additional 797 shares in the last quarter. Lake Street Advisors Group LLC boosted its stake in Public Storage by 14.5% in the fourth quarter. Lake Street Advisors Group LLC now owns 992 shares of the real estate investment trust's stock worth $297,000 after buying an additional 126 shares in the last quarter. Finally, Impact Investors Inc purchased a new stake in Public Storage in the fourth quarter worth approximately $200,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Company Profile

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.