Scotiabank Boosts Public Storage (NYSE:PSA) Price Target to $314.00

Public Storage (NYSE:PSA) had its target price boosted by Scotiabank from $289.00 to $314.00 in a research note issued to investors on Friday, Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

A number of other equities analysts have also issued reports on the company. Evercore ISI increased their price target on Public Storage from $289.00 to $300.00 and gave the company an in-line rating in a research note on Monday, July 15th. Barclays decreased their price target on Public Storage from $330.00 to $327.00 and set an overweight rating for the company in a research note on Monday, May 20th. Raymond James raised Public Storage from a market perform rating to a strong-buy rating and set a $330.00 price target for the company in a research note on Thursday, March 28th. Finally, Wells Fargo & Company raised Public Storage from an equal weight rating to an overweight rating and raised their price objective for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $309.64.

Public Storage Stock Down 0.6 %

PSA opened at $301.65 on Friday. Public Storage has a 12 month low of $233.18 and a 12 month high of $314.93. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market cap of $53.01 billion, a P/E ratio of 27.40, a P/E/G ratio of 4.39 and a beta of 0.65. The stock’s 50 day moving average price is $285.08 and its 200 day moving average price is $282.37.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were given a $3.00 dividend. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 3.98%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insider Transactions at Public Storage

In other news, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares in the company, valued at $599,485.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares in the company, valued at $599,485.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the sale, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by insiders.

Institutional Trading of Public Storage

Several hedge funds and other institutional investors have recently modified their holdings of PSA. AdvisorNet Financial Inc raised its holdings in Public Storage by 3.2% during the fourth quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust’s stock valued at $347,000 after buying an additional 35 shares in the last quarter. Gryphon Financial Partners LLC raised its holdings in Public Storage by 2.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after buying an additional 38 shares in the last quarter. Signet Financial Management LLC raised its holdings in Public Storage by 2.1% during the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after buying an additional 39 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Public Storage by 0.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after purchasing an additional 39 shares during the last quarter. Finally, Brookstone Capital Management grew its position in shares of Public Storage by 3.4% in the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after purchasing an additional 40 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other 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.