Public Storage (NYSE:PSA) Receives $305.64 Consensus Target Price from Analysts

Public Storage (NYSE:PSA) has received an average rating of “Moderate Buy” from the eleven brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $309.64.

PSA has been the topic of several recent research reports. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. Evercore ISI lifted their price objective on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Scotiabank lifted their price objective on Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a report on Friday, July 19th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a report on Thursday, March 28th. Finally, Barclays dropped their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th.

Public Storage Stock Performance

Public Storage stock opened at $294.91 on Friday. The stock’s 50 day moving average price is $286.41 and its 200 day moving average price is $282.60. The firm has a market capitalization of $51.82 billion, a PE ratio of 26.79, a price-to-earnings-growth ratio of 4.40 and a beta of 0.65. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. Public Storage has a one year low of $233.18 and a one year high of $314.93.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were paid a dividend of $3.00 per share. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.07%. Public Storage’s payout ratio is currently 108.99%.

Insider Buying and Selling

In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of Public Storage stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the transaction, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction on Monday, June 10th. The stock was 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 in the company, valued at approximately $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kristy Pipes purchased 2,149 shares of Public Storage stock in a transaction on Tuesday, May 14th. The shares were acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now directly owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is owned by company insiders.

Institutional Trading of Public Storage

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Public Storage by 1.0% in the first 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 buying an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after buying an additional 219,391 shares during the period. Norges Bank acquired a new stake in shares of Public Storage in the fourth quarter valued at $821,151,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Public Storage by 8.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock valued at $794,161,000 after buying an additional 216,331 shares during the period. Finally, APG Asset Management US Inc. lifted its holdings in shares of Public Storage by 4.7% in the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after buying an additional 93,122 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

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.