Wells Fargo & Company Boosts Public Storage (NYSE:PSA) Price Target to $320.00

Public Storage (NYSE:PSA) had its target price hoisted by Wells Fargo & Company from $310.00 to $320.00 in a research report report published on Friday morning, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other analysts also recently weighed in on the stock. Evercore ISI boosted their target price on shares of Public Storage from $289.00 to $300.00 and gave the stock an in-line rating in a report on Monday, July 15th. Raymond James raised shares of Public Storage from a market perform rating to a strong-buy rating and set a $330.00 price objective for the company in a research report on Thursday, March 28th. Scotiabank boosted their price objective on shares of Public Storage from $289.00 to $314.00 and gave the company a sector perform rating in a research report on Friday, July 19th. Finally, Barclays lowered their price objective on shares of Public Storage from $330.00 to $327.00 and set an overweight rating for the company in a research report on Monday, May 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage currently has an average rating of Moderate Buy and an average target price of $310.55.

Public Storage Stock Performance

Public Storage stock opened at $300.74 on Friday. The company’s 50-day moving average price is $286.65 and its 200-day moving average price is $282.42. Public Storage has a twelve month low of $233.18 and a twelve month high of $314.93. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The company has a market cap of $52.85 billion, a PE ratio of 27.32, a price-to-earnings-growth ratio of 4.38 and a beta of 0.65.

Public Storage Dividend Announcement

The firm also recently declared 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 3.99%. Public Storage’s payout ratio is presently 108.99%.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the purchase, the director now owns 2,149 shares in the company, valued at $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. HB Wealth Management LLC increased its stake in Public Storage by 85.9% during the 2nd quarter. HB Wealth Management LLC now owns 2,697 shares of the real estate investment trust’s stock valued at $776,000 after purchasing an additional 1,246 shares in the last quarter. 1834 Investment Advisors Co. increased its stake in Public Storage by 2.3% during the 2nd quarter. 1834 Investment Advisors Co. now owns 18,917 shares of the real estate investment trust’s stock valued at $5,441,000 after purchasing an additional 427 shares in the last quarter. Trajan Wealth LLC increased its stake in Public Storage by 1.9% during the 2nd quarter. Trajan Wealth LLC now owns 15,712 shares of the real estate investment trust’s stock valued at $4,520,000 after purchasing an additional 286 shares in the last quarter. Harbour Investments Inc. increased its stake in Public Storage by 4.2% during the 2nd quarter. Harbour Investments Inc. now owns 1,982 shares of the real estate investment trust’s stock valued at $570,000 after purchasing an additional 79 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Public Storage by 2.2% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 16,755 shares of the real estate investment trust’s stock valued at $4,820,000 after purchasing an additional 361 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

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.