Analysts Set Public Storage (NYSE:PSA) Target Price at $338.00

Shares of Public Storage (NYSE:PSA) have received a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are covering the firm, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $338.73.

Several brokerages have recently issued reports on PSA. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and raised their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Royal Bank of Canada cut their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Barclays reaffirmed an “overweight” rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Scotiabank cut their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company lowered their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st.

Public Storage Trading Up 0.8 %

Shares of PSA stock opened at $294.25 on Wednesday. The business has a 50-day moving average of $299.91 and a 200 day moving average of $319.75. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The stock has a market capitalization of $51.62 billion, a PE ratio of 30.56, a P/E/G ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Institutional Trading of Public Storage

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp increased its holdings in shares of Public Storage by 0.5% in the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock worth $3,773,571,000 after purchasing an additional 55,123 shares in the last quarter. Cohen & Steers Inc. lifted its position in Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock valued at $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. FMR LLC increased its holdings in Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after acquiring an additional 869,066 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Public Storage by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock worth $1,197,769,000 after buying an additional 78,472 shares during the period. Finally, Norges Bank bought a new stake in Public Storage during the 4th quarter valued at approximately $931,286,000. 78.79% of the stock is owned by institutional investors.

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.