Public Storage (NYSE:PSA – Get Free Report)’s stock price hit a new 52-week high during trading on Monday after Evercore ISI raised their price target on the stock from $334.00 to $343.00. Evercore ISI currently has an in-line rating on the stock. Public Storage traded as high as $361.64 and last traded at $359.27, with a volume of 22038 shares changing hands. The stock had previously closed at $359.16.
Several other brokerages also recently weighed in on PSA. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday, August 5th. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research note on Thursday, August 1st. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Barclays upped their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Royal Bank of Canada started coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $325.85.
Hedge Funds Weigh In On Public Storage
Public Storage Price Performance
The firm has a market cap of $63.28 billion, a P/E ratio of 32.74, a P/E/G ratio of 5.06 and a beta of 0.67. The company has a fifty day moving average of $320.20 and a 200-day moving average of $293.11. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.
Public Storage (NYSE:PSA – Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the company posted $4.28 earnings per share. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, sell-side analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.
Public Storage Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.33%. Public Storage’s dividend payout ratio is currently 108.99%.
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.
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