Public Storage (NYSE:PSA) Price Target Raised to $334.00

Public Storage (NYSE:PSA) had its target price raised by UBS Group from $294.00 to $334.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued reports about the company. Evercore set a $308.00 price objective on Public Storage in a research note on Monday, September 21st. Weiss Ratings lowered Public Storage from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, October 8th. Wall Street Zen lowered Public Storage from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. JPMorgan Chase & Co. lowered their target price on Public Storage from $338.00 to $330.00 and set a “neutral” rating for the company in a report on Monday, September 21st. Finally, Royal Bank Of Canada lifted their target price on Public Storage from $318.00 to $323.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 28th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $325.79.

Public Storage Trading Down 1.0%

Public Storage stock traded down $3.24 during trading on Wednesday, hitting $337.26. The company had a trading volume of 1,203,610 shares, compared to its average volume of 903,222. Public Storage has a 1-year low of $256.54 and a 1-year high of $345.89. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.16. The company’s 50 day simple moving average is $300.59 and its 200-day simple moving average is $304.02. The stock has a market cap of $63.01 billion, a price-to-earnings ratio of 35.31, a price-to-earnings-growth ratio of 4.96 and a beta of 0.89.

Public Storage (NYSE:PSA) last announced its earnings results on Monday, October 26th. The real estate investment trust reported $1.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.49 by ($0.80). Public Storage had a net margin of 37.76% and a return on equity of 29.93%. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the previous year, the firm earned $4.31 EPS. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, analysts expect that Public Storage will post 16.97 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 8th. Shareholders of record on Tuesday, December 15th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, December 15th. Public Storage’s dividend payout ratio (DPR) is currently 125.65%.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $327.53, for a total value of $463,127.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.10% of the stock is currently owned by company insiders.

Institutional Trading of Public Storage

Several hedge funds have recently modified their holdings of PSA. BlackRock Inc. acquired a new position in Public Storage during the 2nd quarter worth $5,495,077,000. Dimensional Fund Advisors LP increased its holdings in Public Storage by 3.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,280,540 shares of the real estate investment trust’s stock worth $617,720,000 after purchasing an additional 67,787 shares during the period. Legal & General Group Plc purchased a new stake in Public Storage during the 2nd quarter worth about $601,650,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Public Storage during the 2nd quarter worth about $558,904,000. Finally, Deutsche Bank AG acquired a new stake in Public Storage in the 2nd quarter valued at about $400,776,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Company Profile