Public Storage (NYSE:PSA) Receives Average Recommendation of “Buy” from Brokerages

Shares of Public Storage (NYSE:PSAGet Rating) have been assigned an average rating of “Buy” from the fifteen ratings firms that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $363.77.

PSA has been the topic of several analyst reports. StockNews.com upgraded Public Storage from a “hold” rating to a “buy” rating in a research note on Friday, May 6th. Zacks Investment Research cut Public Storage from a “buy” rating to a “hold” rating and set a $335.00 price objective for the company. in a research report on Wednesday. BMO Capital Markets upgraded Public Storage from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $410.00 to $370.00 in a research report on Thursday. JPMorgan Chase & Co. boosted their price objective on Public Storage from $385.00 to $434.00 and gave the stock an “overweight” rating in a research note on Monday, April 4th. Finally, Morgan Stanley boosted their price objective on Public Storage from $333.00 to $357.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 1st.

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

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Public Storage by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 20,359,277 shares of the real estate investment trust’s stock worth $7,945,819,000 after purchasing an additional 275,264 shares during the period. BlackRock Inc. lifted its holdings in shares of Public Storage by 2.7% in the 4th quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock valued at $6,463,290,000 after buying an additional 456,793 shares during the period. Cohen & Steers Inc. lifted its holdings in shares of Public Storage by 0.3% in the 3rd quarter. Cohen & Steers Inc. now owns 12,016,293 shares of the real estate investment trust’s stock valued at $3,570,474,000 after buying an additional 37,334 shares during the period. State Street Corp increased its stake in Public Storage by 10.3% in the 1st quarter. State Street Corp now owns 11,667,458 shares of the real estate investment trust’s stock valued at $4,553,576,000 after purchasing an additional 1,085,578 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Public Storage by 1.9% in the 1st quarter. Wellington Management Group LLP now owns 4,041,870 shares of the real estate investment trust’s stock valued at $1,577,461,000 after purchasing an additional 74,406 shares in the last quarter. 78.54% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PSA stock traded up $0.56 during mid-day trading on Friday, reaching $310.33. 8,223 shares of the company’s stock traded hands, compared to its average volume of 872,153. The company has a market cap of $54.45 billion, a P/E ratio of 30.18, a P/E/G ratio of 2.81 and a beta of 0.28. The company’s 50-day moving average price is $372.61 and its 200-day moving average price is $359.22. Public Storage has a 12 month low of $275.23 and a 12 month high of $421.76. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 1.39.

Public Storage (NYSE:PSAGet Rating) last posted its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 EPS for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.96). Public Storage had a net margin of 54.79% and a return on equity of 38.01%. The firm had revenue of $749.27 million for the quarter, compared to the consensus estimate of $985.58 million. During the same quarter in the prior year, the company posted $2.82 earnings per share. The firm’s revenue was up 15.8% compared to the same quarter last year. Equities analysts predict that Public Storage will post 15.5 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.58%. The ex-dividend date is Tuesday, June 14th. Public Storage’s dividend payout ratio (DPR) is presently 77.75%.

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 Shurgard 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.

Further Reading

Analyst Recommendations for Public Storage (NYSE:PSA)

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