Public Storage (NYSE:PSA) Receives Average Rating of “Moderate Buy” from Brokerages

Public Storage (NYSE:PSA) has earned an average rating of “Moderate Buy” from the twelve research firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $309.92.

PSA has been the topic of several research analyst reports. Wells Fargo & Company lifted their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Barclays cut their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. Evercore ISI upped their target price on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Finally, Scotiabank decreased their price objective on Public Storage from $314.00 to $308.00 and set a “sector perform” rating for the company in a report on Wednesday, August 7th.

Public Storage Stock Up 1.1 %

Shares of NYSE PSA opened at $323.08 on Tuesday. Public Storage has a 1 year low of $233.18 and a 1 year high of $323.24. The company has a market capitalization of $56.77 billion, a price-to-earnings ratio of 29.34, a price-to-earnings-growth ratio of 5.30 and a beta of 0.65. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The business has a 50-day moving average of $298.27 and a two-hundred day moving average of $284.74.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.28 EPS. On average, analysts forecast that Public Storage will post 16.74 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.71%. Public Storage’s dividend payout ratio is currently 108.99%.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PSA. EverSource Wealth Advisors LLC raised its position in shares of Public Storage by 107.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares during the last quarter. Core Wealth Advisors Inc. purchased a new position in shares of Public Storage during the 4th quarter worth about $30,000. EdgeRock Capital LLC purchased a new stake in Public Storage in the fourth quarter valued at approximately $32,000. OFI Invest Asset Management purchased a new position in Public Storage during the second quarter worth approximately $32,000. Finally, ICA Group Wealth Management LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at $37,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

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.