Public Storage (NYSE:PSA) Sets New 52-Week High After Analyst Upgrade

Public Storage (NYSE:PSA)’s share price hit a new 52-week high during mid-day trading on Monday after Evercore ISI raised their price target on the stock from $334.00 to $343.00. Evercore ISI currently has an in-line rating on the stock. Public Storage traded as high as $361.64 and last traded at $359.27, with a volume of 22038 shares changing hands. The stock had previously closed at $359.16.

A number of other analysts have also issued reports on PSA. Scotiabank boosted their price objective 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. Wells Fargo & Company boosted their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Barclays boosted their price target on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a report on Thursday, August 1st. Finally, Citigroup boosted their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $325.85.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after purchasing an additional 217,487 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Public Storage by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares in the last quarter. Norges Bank bought a new position in Public Storage during the 4th quarter valued at approximately $821,151,000. APG Asset Management US Inc. raised its stake in Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after buying an additional 100,000 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Public Storage by 8.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after purchasing an additional 95,080 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $63.28 billion, a P/E ratio of 32.74, a P/E/G ratio of 5.06 and a beta of 0.67. The business has a fifty day moving average price of $320.20 and a 200-day moving average price of $293.11.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the business earned $4.28 EPS. The business’s revenue was down 1.0% compared to the same quarter last year. On average, sell-side analysts expect that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.33%. Public Storage’s dividend payout ratio is presently 108.99%.

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.