Public Storage (NYSE:PSA) PT Raised to $320.00 at Wells Fargo & Company

Public Storage (NYSE:PSA) had its price objective increased by Wells Fargo & Company from $310.00 to $320.00 in a research report report published on Friday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

PSA has been the subject of a number of other reports. Evercore ISI boosted their price objective on shares of Public Storage from $289.00 to $300.00 and gave the stock an in-line rating in a report on Monday, July 15th. Raymond James upgraded shares of Public Storage from a market perform rating to a strong-buy rating and set a $330.00 price objective for the company in a report on Thursday, March 28th. Scotiabank boosted their price objective on shares of Public Storage from $289.00 to $314.00 and gave the stock a sector perform rating in a report on Friday, July 19th. Finally, Barclays lowered their price objective 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. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of Moderate Buy and an average target price of $310.55.

Public Storage Trading Up 0.7 %

Shares of PSA opened at $302.80 on Friday. The firm’s 50 day simple moving average is $286.98 and its 200 day simple moving average is $282.50. The company has a market capitalization of $53.21 billion, a P/E ratio of 27.50, a P/E/G ratio of 4.38 and a beta of 0.65. 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 $314.93.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.96%. Public Storage’s dividend payout ratio is currently 108.99%.

Insider Activity at Public Storage

In related news, 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 approximately $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the business’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 transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction on Tuesday, May 14th. The shares were bought 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 owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PSA. Raymond James & Associates grew its position 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 worth $34,917,000 after buying an additional 4,695 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in shares of Public Storage by 2.2% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 56,867 shares of the real estate investment trust’s stock worth $17,344,000 after buying an additional 1,211 shares during the period. Schechter Investment Advisors LLC grew its position in shares of Public Storage by 13.7% in the 4th quarter. Schechter Investment Advisors LLC now owns 1,308 shares of the real estate investment trust’s stock worth $399,000 after buying an additional 158 shares during the period. Donald L. Hagan LLC grew its position in shares of Public Storage by 3.0% in the 4th quarter. Donald L. Hagan LLC now owns 3,056 shares of the real estate investment trust’s stock worth $932,000 after buying an additional 90 shares during the period. Finally, Advocate Group LLC grew its position in shares of Public Storage by 5.8% in the 4th quarter. Advocate Group LLC now owns 20,100 shares of the real estate investment trust’s stock worth $6,131,000 after buying an additional 1,101 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Company Profile

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.