Analysts Set Public Storage (NYSE:PSA) PT at $303.00

Public Storage (NYSE:PSA) has been assigned a consensus rating of “Moderate Buy” from the eleven brokerages that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $303.00.

A number of research analysts have commented on the stock. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research report on Thursday, March 28th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $280.00 to $310.00 in a research note on Friday, April 5th. BMO Capital Markets increased their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Barclays dropped their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Finally, Scotiabank increased their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th.

Public Storage Trading Up 0.4 %

NYSE PSA opened at $287.65 on Monday. The firm’s 50-day moving average is $276.19 and its two-hundred day moving average is $282.79. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market capitalization of $50.55 billion, a P/E ratio of 26.13, a PEG ratio of 4.03 and a beta of 0.63.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were given a dividend of $3.00 per share. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.17%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insider Buying and Selling

In related news, Director Kristy Pipes purchased 2,149 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was 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 directly owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kristy Pipes purchased 2,149 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were bought at an average cost of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. Corporate insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Public Storage

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Old Port Advisors lifted its holdings in Public Storage by 13.5% in the first quarter. Old Port Advisors now owns 6,368 shares of the real estate investment trust’s stock valued at $1,847,000 after acquiring an additional 757 shares during the period. Abich Financial Wealth Management LLC lifted its holdings in Public Storage by 56.7% in the first quarter. Abich Financial Wealth Management LLC now owns 431 shares of the real estate investment trust’s stock valued at $125,000 after acquiring an additional 156 shares during the period. Lasalle Investment Management Securities LLC lifted its holdings in Public Storage by 3.4% in the first quarter. Lasalle Investment Management Securities LLC now owns 541,835 shares of the real estate investment trust’s stock valued at $157,165,000 after acquiring an additional 17,701 shares during the period. NBW Capital LLC acquired a new stake in Public Storage in the first quarter valued at $210,000. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Public Storage during the 1st quarter worth $48,000. 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.