Analysts Set Public Storage (NYSE:PSA) Target Price at $339.64

Shares of Public Storage (NYSE:PSA) have been assigned a consensus rating of “Moderate Buy” from the fifteen brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, six have given a hold recommendation, six have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $339.64.

A number of equities analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Barclays reduced their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Evercore ISI reduced their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Finally, Citigroup boosted their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th.

Public Storage Price Performance

NYSE:PSA opened at $351.36 on Thursday. The company has a 50-day moving average of $343.18 and a 200-day moving average of $318.29. The company has a market capitalization of $61.53 billion, a price-to-earnings ratio of 36.49, a PEG ratio of 5.78 and a beta of 0.70. Public Storage has a 52 week low of $253.98 and a 52 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 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 3.42%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Institutional Investors Weigh In On Public Storage

Institutional investors and hedge funds have recently modified their holdings of the business. Manning & Napier Advisors LLC bought a new stake in shares of Public Storage during the second quarter worth approximately $14,301,000. Allspring Global Investments Holdings LLC grew its holdings in Public Storage by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after purchasing an additional 2,605 shares during the period. PGGM Investments grew its holdings in Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after purchasing an additional 12,396 shares during the period. Swedbank AB acquired a new position in Public Storage during the first quarter valued at approximately $17,465,000. Finally, Massmutual Trust Co. FSB ADV grew its holdings in Public Storage by 15.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock valued at $5,916,000 after purchasing an additional 2,770 shares during the period. 78.79% of the stock is owned by 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.