Public Storage (NYSE:PSA) Receives $339.64 Consensus Target Price from Analysts

Shares of Public Storage (NYSE:PSA) have received a consensus rating of “Moderate Buy” from the fifteen ratings firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $339.64.

PSA has been the subject of several recent analyst reports. Royal Bank of Canada lowered their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Citigroup increased their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research report on Monday, August 5th. Finally, Morgan Stanley lifted their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd.

Public Storage Stock Performance

Public Storage stock opened at $347.86 on Thursday. The company has a market capitalization of $60.91 billion, a price-to-earnings ratio of 36.12, a PEG ratio of 5.61 and a beta of 0.70. The stock has a fifty day moving average of $343.52 and a two-hundred day moving average of $317.53. Public Storage has a fifty-two week low of $252.96 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio is presently 124.61%.

Hedge Funds Weigh In On Public Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Public Storage by 732.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after buying an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC raised its holdings in Public Storage by 389.9% in the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after acquiring an additional 1,164,630 shares in the last quarter. FMR LLC boosted its stake in Public Storage by 20.9% during the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after acquiring an additional 869,066 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in Public Storage by 57.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock worth $405,278,000 after acquiring an additional 405,847 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Public Storage by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after purchasing an additional 281,800 shares during the last quarter. 78.79% of the stock is 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.