Public Storage (NYSE:PSA) Hits New 1-Year High at $342.99

Public Storage (NYSE:PSA) shares hit a new 52-week high during trading on Monday . The company traded as high as $342.99 and last traded at $339.60, with a volume of 16393 shares trading hands. The stock had previously closed at $340.94.

Analysts Set New Price Targets

Several research firms have weighed in on PSA. Barclays upped their price objective on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Evercore ISI upped their price target on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Wells Fargo & Company boosted their target price on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research report on Monday, August 5th. Finally, Scotiabank boosted their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Hold” and a consensus target price of $316.42.

Public Storage Stock Up 0.9 %

The business has a 50 day moving average price of $303.60 and a 200 day moving average price of $286.63. The firm has a market capitalization of $60.20 billion, a P/E ratio of 31.12, a price-to-earnings-growth ratio of 5.28 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.

Public Storage (NYSE:PSA) last issued 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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the firm earned $4.28 earnings per share. The business’s quarterly revenue was down 1.0% on a year-over-year basis. On average, analysts predict that Public Storage will post 16.74 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 400 shares of the company’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 completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.00% of the company’s stock.

Institutional Trading of Public Storage

A number of institutional investors and hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in shares of Public Storage in the 4th quarter valued at $3,112,000. Atria Wealth Solutions Inc. raised its position in Public Storage by 34.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 5,579 shares of the real estate investment trust’s stock worth $1,702,000 after purchasing an additional 1,416 shares in the last quarter. Legacy Capital Wealth Partners LLC acquired a new position in Public Storage in the fourth quarter worth about $228,000. Silver Oak Securities Incorporated bought a new position in Public Storage during the fourth quarter worth about $210,000. Finally, Adell Harriman & Carpenter Inc. boosted its holdings in Public Storage by 32.3% during the fourth quarter. Adell Harriman & Carpenter Inc. now owns 1,229 shares of the real estate investment trust’s stock valued at $375,000 after purchasing an additional 300 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

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.