Public Storage (NYSE:PSA) Receives Consensus Recommendation of “Hold” from Brokerages

Public Storage (NYSE:PSA) has been assigned a consensus recommendation of “Hold” from the twenty-one analysts that are currently covering the firm, Marketbeat reports. Fourteen investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $326.0526.

Several brokerages recently issued reports on PSA. Weiss Ratings upgraded Public Storage from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, June 12th. Mizuho upped their target price on Public Storage from $301.00 to $316.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 27th. Raymond James Financial assumed coverage on Public Storage in a research note on Thursday, July 16th. They set a “market perform” rating for the company. BNP Paribas Exane lifted their price target on Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a report on Friday, May 22nd. Finally, Jefferies Financial Group boosted their price target on Public Storage from $350.00 to $355.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th.

Public Storage Trading Down 0.4%

Shares of NYSE:PSA opened at $323.96 on Friday. The firm has a fifty day moving average of $321.39 and a two-hundred day moving average of $304.09. The firm has a market capitalization of $56.89 billion, a P/E ratio of 30.91, a price-to-earnings-growth ratio of 3.83 and a beta of 0.96. Public Storage has a 12-month low of $256.54 and a 12-month high of $335.55. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 2.06.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be paid a $3.00 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 3.7%. Public Storage’s payout ratio is 114.50%.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $324.81, for a total value of $308,569.50. Following the completion of the sale, the insider directly owned 1,414 shares of the company’s stock, valued at $459,281.34. The trade was a 40.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 11.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PSA. Vanguard Group Inc. increased its position in Public Storage by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock worth $6,576,534,000 after buying an additional 2,274,397 shares during the last quarter. BlackRock Inc. bought a new position in Public Storage during the second quarter valued at about $5,495,077,000. Norges Bank acquired a new stake in shares of Public Storage in the fourth quarter worth about $1,163,751,000. Capital International Investors lifted its position in shares of Public Storage by 821.4% in the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock worth $1,073,032,000 after buying an additional 3,686,211 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Public Storage by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,089,143 shares of the real estate investment trust’s stock worth $1,056,976,000 after buying an additional 66,445 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.