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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.
Public Storage Stock Performance
Public Storage stock traded up $0.63 during mid-day trading on Friday, reaching $331.20. The company's stock had a trading volume of 793,876 shares, compared to its average volume of 633,772. The firm's fifty day moving average price is $316.49 and its two-hundred day moving average price is $347.36. The company has a market capitalization of $58.11 billion, a P/E ratio of 28.21, a PEG ratio of 3.02 and a beta of 0.34. The company has a debt-to-equity ratio of 1.39, a quick ratio of 2.07 and a current ratio of 2.07. Public Storage has a 12-month low of $292.32 and a 12-month high of $421.76.
Public Storage Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Tuesday, September 13th. Public Storage's dividend payout ratio is presently 68.14%.
Analysts Set New Price Targets
A number of analysts recently weighed in on PSA shares. UBS Group decreased their price objective on Public Storage from $390.00 to $336.00 and set a "neutral" rating for the company in a report on Monday, July 25th. Jefferies Financial Group reduced their target price on Public Storage from $465.00 to $369.00 and set a "buy" rating for the company in a research note on Thursday, June 30th. Citigroup restated a "buy" rating and issued a $367.00 target price on shares of Public Storage in a research note on Thursday, July 28th. The Goldman Sachs Group raised their target price on Public Storage from $398.00 to $440.00 and gave the company a "neutral" rating in a research note on Thursday, April 14th. Finally, StockNews.com cut shares of Public Storage from a "buy" rating to a "hold" rating in a research report on Friday, June 10th. Six equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $366.08.