Public Storage (NYSE:PSA) Research Coverage Started at Barclays

Barclays began coverage on shares of Public Storage (NYSE:PSA) in a research note published on Wednesday, MarketBeat reports. The firm issued an overweight rating and a $330.00 target price on the real estate investment trust’s stock.

Several other research firms have also weighed in on PSA. BMO Capital Markets boosted their target price on Public Storage from $325.00 to $330.00 and gave the stock an outperform rating in a report on Tuesday, March 19th. The Goldman Sachs Group boosted their target price on Public Storage from $307.00 to $340.00 and gave the stock a buy rating in a report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a report on Tuesday, January 30th. They issued a sell rating and a $250.00 target price for the company. Truist Financial upped their price target on Public Storage from $285.00 to $315.00 and gave the stock a buy rating in a report on Thursday, December 28th. Finally, Scotiabank upped their price target on Public Storage from $267.00 to $270.00 and gave the stock a sector perform rating in a report on Monday, March 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $302.50.

Public Storage Price Performance

Shares of NYSE PSA opened at $290.06 on Wednesday. Public Storage has a 1-year low of $233.18 and a 1-year high of $316.48. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The business’s fifty day moving average price is $283.91 and its two-hundred day moving average price is $275.46. The firm has a market capitalization of $50.96 billion, a PE ratio of 26.23, a P/E/G ratio of 3.78 and a beta of 0.54.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period last year, the business posted $4.16 earnings per share. On average, research analysts expect that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date was Tuesday, March 12th. Public Storage’s dividend payout ratio is 108.50%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PSA. EverSource Wealth Advisors LLC lifted its stake in shares of Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 44 shares during the period. Sunbelt Securities Inc. acquired a new position in Public Storage during the 1st quarter worth approximately $26,000. ICA Group Wealth Management LLC acquired a new position in Public Storage during the 4th quarter worth approximately $29,000. Core Wealth Advisors Inc. acquired a new position in Public Storage during the 4th quarter worth approximately $30,000. Finally, EdgeRock Capital LLC acquired a new position in Public Storage during the 4th quarter worth approximately $32,000. 78.79% of the stock is owned by institutional investors and hedge funds.

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.