Barclays Trims Public Storage (NYSE:PSA) Target Price to $327.00

Public Storage (NYSE:PSA) had its price target trimmed by Barclays from $330.00 to $327.00 in a report released on Monday, Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

A number of other brokerages have also recently commented on PSA. Wells Fargo & Company raised shares of Public Storage from an equal weight rating to an overweight rating and upped their target price for the company from $280.00 to $310.00 in a report on Friday, April 5th. Scotiabank increased their price target on shares of Public Storage from $267.00 to $270.00 and gave the stock a sector perform rating in a report on Monday, March 18th. BMO Capital Markets increased their price target on shares of Public Storage from $325.00 to $330.00 and gave the stock an outperform rating in a report on Tuesday, March 19th. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a report on Tuesday, January 30th. They set a sell rating and a $250.00 price target for the company. Finally, Raymond James raised shares of Public Storage from a market perform rating to a strong-buy rating and set a $330.00 price target for the company in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $304.75.

Public Storage Stock Performance

NYSE PSA opened at $283.01 on Monday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The company has a market capitalization of $49.73 billion, a PE ratio of 25.70, a P/E/G ratio of 3.75 and a beta of 0.57. The company has a fifty day moving average of $275.04 and a two-hundred day moving average of $278.95.

Public Storage (NYSE:PSA) last announced its 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). Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the company posted $4.16 earnings per share. Public Storage’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be given a $3.00 dividend. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.24%. Public Storage’s dividend payout ratio is presently 108.99%.

Insider Activity

In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 11.10% of the company’s stock.

Institutional Trading of Public Storage

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 44 shares during the last quarter. Core Wealth Advisors Inc. acquired a new position in shares of Public Storage in the 4th quarter valued at $30,000. EdgeRock Capital LLC acquired a new position in shares of Public Storage in the 4th quarter valued at $32,000. Private Ocean LLC boosted its holdings in shares of Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 109 shares during the last quarter. Finally, Centerpoint Advisors LLC acquired a new position in shares of Public Storage in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

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.