Public Storage (NYSE:PSA) Price Target Raised to $340.00

Public Storage (NYSE:PSA) had its price objective hoisted by Scotiabank from $305.00 to $340.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the real estate investment trust’s stock.

PSA has been the topic of a number of other reports. Royal Bank of Canada lowered their price target on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a report on Friday, May 2nd. Mizuho started coverage on shares of Public Storage in a report on Wednesday, April 9th. They set a “neutral” rating and a $287.00 price objective on the stock. Wells Fargo & Company decreased their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Barclays reaffirmed an “overweight” rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a report on Thursday, April 10th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $337.67.

Public Storage Stock Performance

Shares of NYSE PSA opened at $298.22 on Monday. The company’s fifty day moving average price is $293.61 and its 200 day moving average price is $306.15. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The company has a market capitalization of $52.32 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage (NYSE:PSA) 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, topping analysts’ consensus estimates of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the firm posted $4.03 earnings per share. The firm’s quarterly revenue was up .1% compared to the same quarter last year. On average, research analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is 119.17%.

Institutional Investors Weigh In On Public Storage

A number of hedge funds have recently modified their holdings of PSA. Barclays PLC raised its position in shares of Public Storage by 2.9% in the third quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust’s stock valued at $169,433,000 after buying an additional 13,065 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in Public Storage by 70.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 255 shares of the real estate investment trust’s stock worth $76,000 after purchasing an additional 105 shares during the last quarter. Graypoint LLC increased its position in Public Storage by 7.5% during the fourth quarter. Graypoint LLC now owns 747 shares of the real estate investment trust’s stock worth $224,000 after purchasing an additional 52 shares during the last quarter. Czech National Bank increased its position in Public Storage by 6.5% during the fourth quarter. Czech National Bank now owns 34,170 shares of the real estate investment trust’s stock worth $10,232,000 after purchasing an additional 2,083 shares during the last quarter. Finally, Capital Investment Advisors LLC increased its position in Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after purchasing an additional 5,793 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

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.