Public Storage (NYSE:PSA) Given Average Recommendation of “Moderate Buy” by Brokerages

Public Storage (NYSE:PSA) has earned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $340.23.

A number of analysts recently commented on PSA shares. Barclays decreased their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Scotiabank decreased their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday. Truist Financial boosted their price objective on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Wells Fargo & Company decreased their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares of the company’s stock, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 11.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Public Storage

Several institutional investors have recently bought and sold shares of the company. Phocas Financial Corp. purchased a new position in Public Storage in the fourth quarter valued at approximately $213,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Public Storage in the fourth quarter valued at approximately $99,157,000. Azzad Asset Management Inc. ADV lifted its stake in Public Storage by 1.5% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 4,696 shares of the real estate investment trust’s stock valued at $1,406,000 after purchasing an additional 70 shares during the last quarter. Integrated Advisors Network LLC lifted its stake in Public Storage by 1.4% in the fourth quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust’s stock valued at $918,000 after purchasing an additional 41 shares during the last quarter. Finally, Ameriflex Group Inc. purchased a new position in Public Storage in the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of Public Storage stock opened at $313.99 on Friday. Public Storage has a one year low of $256.31 and a one year high of $369.99. The firm has a market capitalization of $55.08 billion, a price-to-earnings ratio of 32.61, a PEG ratio of 4.91 and a beta of 0.73. The business has a 50-day simple moving average of $299.31 and a 200 day simple moving average of $324.77. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio is presently 112.89%.

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.