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

Shares of Public Storage (NYSE:PSA) have received an average recommendation of “Moderate Buy” from the eleven research firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $309.64.

A number of research analysts have recently weighed in on the company. Scotiabank raised their target price on Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a report on Friday, July 19th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a 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 target price for the company from $280.00 to $310.00 in a report on Friday, April 5th. Barclays cut their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Finally, Evercore ISI increased their price objective on shares of Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th.

Insider Buying and Selling at Public Storage

In other news, Director Kristy Pipes bought 2,149 shares of the stock in a transaction on Tuesday, May 14th. The shares were purchased at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares in the company, valued at approximately $599,485.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Public Storage

A number of large investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its holdings in 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 in the last quarter. Core Wealth Advisors Inc. purchased a new stake in shares of Public Storage in the fourth quarter worth about $30,000. EdgeRock Capital LLC bought a new position in shares of 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 valued at approximately $32,000. Finally, Private Ocean LLC increased its holdings in Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

Shares of NYSE PSA opened at $301.97 on Friday. The stock has a market cap of $53.07 billion, a price-to-earnings ratio of 27.43, a PEG ratio of 4.39 and a beta of 0.65. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $314.93. The firm’s 50-day simple moving average is $286.07 and its 200 day simple moving average is $282.42.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were issued a $3.00 dividend. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.97%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

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.