Public Storage (NYSE:PSA) Raised to "Strong-Buy" at BNP Paribas

BNP Paribas upgraded shares of Public Storage (NYSE:PSA - Free Report) to a strong-buy rating in a report issued on Tuesday, MarketBeat reports.

Several other research firms also recently commented on PSA. Royal Bank Of Canada decreased their target price on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research report on Friday, May 2nd. BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $340.00 to $325.00 in a report on Friday, June 20th. 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 report on Tuesday, May 13th. Mizuho upped their price target on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Finally, Barclays dropped their price objective on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $337.64.

Public Storage Stock Performance

Shares of NYSE PSA traded down $0.54 during midday trading on Tuesday, hitting $288.90. 1,198,618 shares of the company's stock were exchanged, compared to its average volume of 749,486. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The company's 50 day moving average price is $298.81 and its 200 day moving average price is $298.47. The firm has a market capitalization of $50.68 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 4.28 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $1.18 billion. During the same quarter last year, the firm posted $4.03 EPS. The company's quarterly revenue was up .1% on a year-over-year basis. As a group, analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. Public Storage's dividend payout ratio is 119.17%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Public Storage by 0.7% in the 1st 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 stake in Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after acquiring an additional 592,944 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Public Storage by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock worth $1,197,769,000 after acquiring an additional 78,472 shares during the last quarter. Norges Bank bought a new stake in shares of Public Storage during the 4th quarter valued at approximately $931,286,000. Finally, Wellington Management Group LLP increased its position 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 worth $894,177,000 after purchasing an additional 30,775 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

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.