Public Storage (NYSE:PSA) Sets New 12-Month High on Analyst Upgrade

Public Storage (NYSE:PSA)’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

Several institutional investors have recently added to or reduced their stakes in PSA. EverSource Wealth Advisors LLC lifted its position in shares of Public Storage by 107.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 44 shares during the period. Core Wealth Advisors Inc. acquired a new stake in shares of Public Storage in the 4th quarter valued at about $30,000. OFI Invest Asset Management bought a new stake in Public Storage during the 2nd quarter valued at $32,000. ICA Group Wealth Management LLC purchased a new stake in shares of Public Storage in the fourth quarter worth approximately $37,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Public Storage in the second quarter valued at approximately $36,000. 78.79% of the stock is owned by institutional investors and hedge funds.

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) 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.