Public Storage (NYSE:PSA) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Public Storage (NYSE:PSA) have earned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are currently covering the stock, MarketBeat reports. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $340.23.

Several equities research analysts have issued reports on the company. Truist Financial increased their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Scotiabank dropped their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Barclays decreased their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Finally, Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st.

Public Storage Trading Up 1.8 %

NYSE:PSA opened at $313.99 on Friday. The company has a market cap of $55.08 billion, a P/E ratio of 32.61, a P/E/G ratio of 4.91 and a beta of 0.73. The stock’s fifty day moving average price is $299.31 and its two-hundred day moving average price is $324.77. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be paid a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.82%. Public Storage’s dividend payout ratio is presently 112.89%.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PSA. Assenagon Asset Management S.A. grew its stake in shares of Public Storage by 12.8% during the third quarter. Assenagon Asset Management S.A. now owns 4,709 shares of the real estate investment trust’s stock valued at $1,713,000 after buying an additional 535 shares during the last quarter. Diversify Wealth Management LLC purchased a new stake in shares of Public Storage during the third quarter worth about $210,000. HM Payson & Co. boosted its holdings in shares of Public Storage by 17.8% during the third quarter. HM Payson & Co. now owns 424 shares of the real estate investment trust’s stock worth $154,000 after purchasing an additional 64 shares during the period. Baron Silver Stevens Financial Advisors LLC purchased a new stake in shares of Public Storage during the third quarter worth about $279,000. Finally, Reston Wealth Management LLC purchased a new stake in shares of Public Storage during the third quarter worth about $80,000. 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.