SunTrust Banks, Inc. reiterated their hold rating on shares of Public Storage (NYSE:PSA) in a report published on Friday, October 27th. The brokerage currently has a $200.00 price target on the real estate investment trust’s stock.
Other research analysts have also recently issued research reports about the stock. Bank of America Corporation cut their price objective on shares of Public Storage from $222.00 to $218.00 and set a neutral rating on the stock in a research report on Thursday, July 20th. Jefferies Group LLC set a $210.00 price target on shares of Public Storage and gave the stock a hold rating in a report on Thursday, August 17th. Zacks Investment Research upgraded shares of Public Storage from a sell rating to a hold rating in a report on Tuesday, July 4th. KeyCorp reiterated a sell rating and set a $184.00 target price on shares of Public Storage in a report on Wednesday, September 13th. Finally, Argus dropped their target price on shares of Public Storage from $260.00 to $250.00 and set a buy rating on the stock in a report on Tuesday, August 1st. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. Public Storage currently has an average rating of Hold and a consensus price target of $213.08.
Public Storage (PSA) traded down $0.33 during trading on Friday, reaching $212.92. 640,800 shares of the company were exchanged, compared to its average volume of 854,197. Public Storage has a 52 week low of $192.15 and a 52 week high of $232.21. The stock has a market capitalization of $37,114.24, a P/E ratio of 21.52, a price-to-earnings-growth ratio of 4.45 and a beta of 0.43.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.76%. Public Storage’s payout ratio is 116.79%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Diamond Hill Capital Management Inc. grew its stake in shares of Public Storage by 0.3% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,668 shares of the real estate investment trust’s stock worth $348,000 after purchasing an additional 5 shares during the period. Merriman Wealth Management LLC grew its stake in Public Storage by 0.3% in the 2nd quarter. Merriman Wealth Management LLC now owns 1,920 shares of the real estate investment trust’s stock valued at $400,000 after acquiring an additional 5 shares during the period. Concorde Asset Management LLC grew its stake in Public Storage by 0.3% in the 2nd quarter. Concorde Asset Management LLC now owns 2,511 shares of the real estate investment trust’s stock valued at $523,000 after acquiring an additional 8 shares during the period. First Hawaiian Bank grew its stake in Public Storage by 0.5% in the 2nd quarter. First Hawaiian Bank now owns 1,765 shares of the real estate investment trust’s stock valued at $369,000 after acquiring an additional 9 shares during the period. Finally, Forward Management LLC grew its stake in Public Storage by 0.7% in the 2nd quarter. Forward Management LLC now owns 1,238 shares of the real estate investment trust’s stock valued at $258,000 after acquiring an additional 9 shares during the period. 80.18% of the stock is currently owned by institutional investors and hedge funds.
Public Storage Company Profile
Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
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