Brokerages Set Public Storage (NYSE:PSA) Target Price at $342.07

Public Storage (NYSE:PSA) has earned a consensus recommendation of “Moderate Buy” from the fifteen analysts that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, six have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $342.07.

PSA has been the topic of a number of analyst reports. Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada dropped their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Evercore ISI reduced their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Barclays lowered their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the sale, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Public Storage

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. raised its holdings in Public Storage by 0.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after acquiring an additional 39 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Public Storage by 402.9% in the 2nd quarter. Blue Trust Inc. now owns 870 shares of the real estate investment trust’s stock valued at $252,000 after purchasing an additional 697 shares in the last quarter. Brookstone Capital Management lifted its position in shares of Public Storage by 10.1% during the second quarter. Brookstone Capital Management now owns 1,345 shares of the real estate investment trust’s stock worth $417,000 after purchasing an additional 123 shares during the last quarter. Raymond James & Associates grew its stake in Public Storage by 4.6% in the second quarter. Raymond James & Associates now owns 129,638 shares of the real estate investment trust’s stock worth $37,290,000 after purchasing an additional 5,748 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Public Storage by 10.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 67,704 shares of the real estate investment trust’s stock valued at $19,475,000 after buying an additional 6,652 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

NYSE:PSA opened at $297.50 on Monday. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The firm has a market cap of $52.09 billion, a price-to-earnings ratio of 30.89, a price-to-earnings-growth ratio of 5.29 and a beta of 0.71. The company’s 50-day moving average is $333.10 and its two-hundred day moving average is $323.89. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

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.