Analysts Set Public Storage (NYSE:PSA) PT at $340.69

Public Storage (NYSE:PSA) has been given an average recommendation of “Moderate Buy” by the fourteen analysts that are presently covering the stock, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $340.69.

Several research firms have recently issued reports on PSA. Truist Financial upped their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Wells Fargo & Company reduced their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Royal Bank of Canada dropped their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Barclays reduced their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the sale, the insider now owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Public Storage during the fourth quarter valued at approximately $99,157,000. Azzad Asset Management Inc. ADV boosted its holdings in Public Storage by 1.5% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 4,696 shares of the real estate investment trust’s stock valued at $1,406,000 after purchasing an additional 70 shares during the period. Integrated Advisors Network LLC grew its position in shares of Public Storage by 1.4% during the 4th quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust’s stock valued at $918,000 after purchasing an additional 41 shares in the last quarter. Ameriflex Group Inc. bought a new position in shares of Public Storage in the fourth quarter worth $30,000. Finally, Ascent Group LLC raised its position in shares of Public Storage by 36.2% in the fourth quarter. Ascent Group LLC now owns 870 shares of the real estate investment trust’s stock worth $261,000 after buying an additional 231 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 2.4 %

Shares of Public Storage stock opened at $310.86 on Friday. The company has a market capitalization of $54.53 billion, a P/E ratio of 32.28, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. The stock has a fifty day simple moving average of $298.53 and a 200 day simple moving average of $325.14. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date is Thursday, March 13th. Public Storage’s payout ratio is currently 112.89%.

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.