Public Storage (NYSE:PSA) Price Target Raised to $440.00 at The Goldman Sachs Group

Public Storage (NYSE:PSAGet Rating) had its price objective raised by The Goldman Sachs Group from $398.00 to $440.00 in a research note issued to investors on Thursday morning, MarketBeat reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other equities analysts have also recently issued reports on the stock. StockNews.com initiated coverage on shares of Public Storage in a research note on Thursday, March 31st. They issued a hold rating on the stock. Morgan Stanley boosted their price objective on shares of Public Storage from $333.00 to $357.00 and gave the company an equal weight rating in a research note on Tuesday, March 1st. JPMorgan Chase & Co. boosted their price objective on shares of Public Storage from $385.00 to $434.00 and gave the company an overweight rating in a research note on Monday, April 4th. Truist Financial boosted their price objective on shares of Public Storage from $353.00 to $380.00 in a research note on Tuesday, January 18th. Finally, Jefferies Financial Group raised shares of Public Storage from a hold rating to a buy rating and boosted their price objective for the company from $366.00 to $433.00 in a research note on Monday, January 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $357.71.

Shares of Public Storage stock opened at $408.50 on Thursday. The firm’s fifty day simple moving average is $372.39 and its 200-day simple moving average is $351.25. The stock has a market capitalization of $71.68 billion, a price-to-earnings ratio of 41.39, a PEG ratio of 4.16 and a beta of 0.25. Public Storage has a 12 month low of $264.96 and a 12 month high of $411.89. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.52 and a quick ratio of 1.52.

Public Storage (NYSE:PSAGet Rating) last announced its earnings results on Tuesday, February 22nd. The real estate investment trust reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $3.43 by $0.11. The business had revenue of $724.80 million for the quarter, compared to analysts’ expectations of $916.68 million. Public Storage had a net margin of 57.18% and a return on equity of 39.08%. The company’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.93 EPS. Analysts anticipate that Public Storage will post 15.53 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 31st. Investors of record on Wednesday, March 16th were given a $2.00 dividend. The ex-dividend date was Tuesday, March 15th. This represents a $8.00 annualized dividend and a dividend yield of 1.96%. Public Storage’s dividend payout ratio is presently 81.05%.

In related news, Director Rebecca L. Owen sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 15th. The shares were sold at an average price of $358.25, for a total value of $1,791,250.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 11.00% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Ritholtz Wealth Management lifted its holdings in Public Storage by 5.8% in the 1st quarter. Ritholtz Wealth Management now owns 1,455 shares of the real estate investment trust’s stock valued at $568,000 after purchasing an additional 80 shares in the last quarter. Edge Wealth Management LLC lifted its holdings in Public Storage by 0.9% in the 1st quarter. Edge Wealth Management LLC now owns 42,945 shares of the real estate investment trust’s stock valued at $16,760,000 after purchasing an additional 363 shares in the last quarter. Concentric Wealth Management LLC lifted its holdings in Public Storage by 0.4% in the 1st quarter. Concentric Wealth Management LLC now owns 9,873 shares of the real estate investment trust’s stock valued at $3,853,000 after purchasing an additional 37 shares in the last quarter. Boenning & Scattergood Inc. lifted its holdings in Public Storage by 22.4% in the 1st quarter. Boenning & Scattergood Inc. now owns 864 shares of the real estate investment trust’s stock valued at $337,000 after purchasing an additional 158 shares in the last quarter. Finally, YHB Investment Advisors Inc. purchased a new position in Public Storage in the 1st quarter valued at about $213,000. Institutional investors and hedge funds own 77.96% of the company’s stock.

About Public Storage (Get Rating)

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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the ÂShurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

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