Public Storage (NYSE:PSA) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Public Storage (NYSE:PSA) have received a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $303.00.

PSA has been the subject of several recent research reports. Scotiabank boosted their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Raymond James upgraded 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. Barclays reduced their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. BMO Capital Markets boosted their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Finally, Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th.

Public Storage Trading Up 0.4 %

Shares of PSA opened at $287.65 on Monday. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The company has a 50-day moving average of $276.19 and a 200 day moving average of $282.86. The firm has a market capitalization of $50.55 billion, a price-to-earnings ratio of 26.13, a PEG ratio of 4.02 and a beta of 0.63. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s payout ratio is currently 108.99%.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Kristy Pipes bought 2,149 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average price of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is owned by insiders.

Institutional Trading of Public Storage

Large investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC boosted its holdings in shares of Public Storage by 16.1% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after acquiring an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Public Storage by 8.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after acquiring an additional 9,223 shares during the last quarter. Gold Investment Management Ltd. purchased a new stake in shares of Public Storage in the 4th quarter valued at $849,000. Raymond James & Associates boosted its holdings in shares of Public Storage by 4.3% in the 4th quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after acquiring an additional 4,695 shares during the last quarter. Finally, Ellsworth Advisors LLC boosted its holdings in shares of Public Storage by 615.7% in the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock valued at $6,040,000 after acquiring an additional 17,036 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other 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.