Jefferies Financial Group Raises Public Storage (NYSE:PSA) Price Target to $422.00

Public Storage (NYSE:PSA) had its target price lifted by Jefferies Financial Group from $360.00 to $422.00 in a report released on Wednesday, Benzinga reports. Jefferies Financial Group currently has a buy rating on the real estate investment trust’s stock.

A number of other equities analysts have also issued reports on the stock. Scotiabank increased their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a sector perform rating in a research report on Thursday, August 22nd. Barclays increased their price objective on shares of Public Storage from $327.00 to $374.00 and gave the company an overweight rating in a report on Thursday, August 22nd. Bank of America cut Public Storage from a buy rating to a neutral rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. Wolfe Research raised Public Storage to a strong-buy rating in a research note on Wednesday, September 4th. Finally, Truist Financial cut Public Storage from a buy rating to a hold rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of Moderate Buy and a consensus price target of $332.71.

Public Storage Price Performance

Shares of NYSE:PSA opened at $361.72 on Wednesday. The firm’s 50 day moving average is $326.92 and its two-hundred day moving average is $295.63. The firm has a market capitalization of $63.56 billion, a P/E ratio of 32.85, a PEG ratio of 5.12 and a beta of 0.67. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 52 week low of $233.18 and a 52 week high of $366.29.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the business earned $4.28 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. Analysts anticipate that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is 108.99%.

Hedge Funds Weigh In On Public Storage

A number of institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its position in shares of Public Storage by 107.3% in 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 in the last quarter. Core Wealth Advisors Inc. acquired a new position in Public Storage in the 4th quarter worth approximately $30,000. OFI Invest Asset Management purchased a new position in Public Storage during the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC acquired a new stake in Public Storage during the 2nd quarter valued at $36,000. Finally, ICA Group Wealth Management LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at $37,000. Hedge funds and other institutional investors 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.