Public Storage (NYSE:PSA) Given New $375.00 Price Target at Wells Fargo & Company

Public Storage (NYSE:PSA) had its price objective boosted by Wells Fargo & Company from $320.00 to $375.00 in a report published on Monday, Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

A number of other equities research analysts also recently weighed in on the company. Scotiabank raised their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Evercore ISI cut their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada started coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $340.93.

Public Storage Stock Down 0.4 %

Public Storage stock opened at $338.41 on Monday. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $59.23 billion, a PE ratio of 31.72, a P/E/G ratio of 4.72 and a beta of 0.68. The firm’s 50 day moving average price is $346.82 and its two-hundred day moving average price is $306.35.

Public Storage (NYSE:PSA) last posted 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 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 quarter in the prior year, the firm earned $4.28 earnings per share. The company’s revenue was down 1.0% on a year-over-year basis. On average, research analysts predict that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.55%. Public Storage’s dividend payout ratio is currently 112.46%.

Institutional Trading of Public Storage

Institutional investors and hedge funds have recently modified their holdings of the company. OFI Invest Asset Management acquired a new stake in Public Storage during the second quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage during the 2nd quarter valued at about $36,000. Riverview Trust Co acquired a new stake in shares of Public Storage during the 1st quarter valued at about $37,000. Crewe Advisors LLC bought a new stake in Public Storage in the first quarter valued at about $39,000. Finally, EdgeRock Capital LLC acquired a new position in Public Storage in the second quarter worth about $39,000. 78.79% of the stock is currently owned by institutional investors.

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.