Public Storage (NYSE:PSA) Receives $342.07 Consensus Target Price from Brokerages

Shares of Public Storage (NYSE:PSA) have received a consensus rating of “Moderate Buy” from the fifteen research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $342.07.

A number of analysts have recently issued reports on the company. Jefferies Financial Group boosted their target price on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Evercore ISI decreased their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Morgan Stanley boosted their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Barclays lowered their target price on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Public Storage

Large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Public Storage by 1.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after purchasing an additional 2,605 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Public Storage by 114.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock worth $33,302,000 after purchasing an additional 48,803 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of Public Storage by 3,714.6% in the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock valued at $666,000 after buying an additional 1,783 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of Public Storage by 4.1% during the third quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust’s stock worth $26,468,000 after purchasing an additional 2,832 shares during the period. Finally, Equitable Trust Co. lifted its stake in Public Storage by 3.1% during the third quarter. Equitable Trust Co. now owns 77,959 shares of the real estate investment trust’s stock valued at $28,367,000 after buying an additional 2,344 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

PSA stock opened at $297.50 on Monday. The company has a market cap of $52.09 billion, a PE ratio of 30.89, a price-to-earnings-growth ratio of 5.29 and a beta of 0.71. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a 50-day moving average price of $333.10 and a two-hundred day moving average price of $323.58. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.03%. The ex-dividend date is Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

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.