Public Storage (NYSE:PSA) Upgraded by Wolfe Research to “Strong-Buy”

Wolfe Research upgraded shares of Public Storage (NYSE:PSA) to a strong-buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

PSA has been the topic of several other research reports. Bank of America lowered shares of Public Storage from a buy rating to a neutral rating and set a $318.00 price target on the stock. in a report on Monday, August 5th. Truist Financial cut shares of Public Storage from a buy rating to a hold rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Barclays lifted their price objective on Public Storage from $327.00 to $374.00 and gave the company an overweight rating in a report on Thursday, August 22nd. Wells Fargo & Company upped their target price on shares of Public Storage from $310.00 to $320.00 and gave the stock an overweight rating in a report on Friday, July 26th. Finally, Citigroup lifted their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a buy rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Public Storage presently has a consensus rating of Moderate Buy and an average target price of $323.77.

Public Storage Stock Performance

PSA opened at $341.17 on Wednesday. The stock has a 50-day moving average of $311.94 and a 200-day moving average of $289.93. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a 52-week low of $233.18 and a 52-week high of $347.77. The company has a market cap of $59.71 billion, a PE ratio of 30.99, a price-to-earnings-growth ratio of 5.69 and a beta of 0.67.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the business earned $4.28 EPS. As a group, equities research analysts forecast that Public Storage will post 16.72 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.52%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is 108.99%.

Insider Transactions at Public Storage

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

Institutional Investors Weigh In On Public Storage

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new position in Public Storage during the fourth quarter worth about $3,112,000. Private Advisor Group LLC boosted its stake in Public Storage by 2.0% during the 4th quarter. Private Advisor Group LLC now owns 4,587 shares of the real estate investment trust’s stock worth $1,399,000 after acquiring an additional 92 shares during the last quarter. Apollon Wealth Management LLC grew its holdings in Public Storage by 16.9% during the fourth quarter. Apollon Wealth Management LLC now owns 1,400 shares of the real estate investment trust’s stock valued at $427,000 after purchasing an additional 202 shares during the period. Gryphon Financial Partners LLC increased its stake in Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after purchasing an additional 38 shares in the last quarter. Finally, Wealthspire Advisors LLC acquired a new stake in Public Storage in the fourth quarter worth $305,000. 78.79% of the stock is 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.