Public Storage (NYSE:PSA) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Public Storage (NYSE:PSAGet Rating) from a hold rating to a buy rating in a report published on Monday morning.

Several other equities analysts have also commented on PSA. Morgan Stanley lowered their price target on shares of Public Storage from $357.00 to $298.00 and set an equal weight rating for the company in a research report on Wednesday, May 25th. Stifel Nicolaus reduced their price objective on shares of Public Storage from $410.00 to $360.00 in a report on Tuesday, June 21st. Evercore ISI set a $348.00 price objective on shares of Public Storage in a report on Monday, June 20th. Truist Financial reduced their price objective on shares of Public Storage from $425.00 to $385.00 and set a buy rating for the company in a report on Wednesday, June 1st. Finally, Raymond James downgraded shares of Public Storage from a strong-buy rating to an outperform rating and upped their price objective for the stock from $365.00 to $380.00 in a report on Tuesday, August 16th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $367.33.

Public Storage Stock Up 0.1 %

Public Storage stock opened at $339.51 on Monday. The company has a 50-day simple moving average of $331.33 and a 200-day simple moving average of $345.25. The firm has a market capitalization of $59.57 billion, a P/E ratio of 28.92, a P/E/G ratio of 3.11 and a beta of 0.33. The company has a debt-to-equity ratio of 1.29, a quick ratio of 2.14 and a current ratio of 2.14. Public Storage has a one year low of $292.32 and a one year high of $421.76.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Tuesday, September 13th. Public Storage’s dividend payout ratio is presently 68.14%.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director John Reyes sold 51,637 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $353.15, for a total transaction of $18,235,606.55. Following the completion of the sale, the director now directly owns 175,449 shares of the company’s stock, valued at $61,959,814.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director John Reyes sold 51,637 shares of the company’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $353.15, for a total value of $18,235,606.55. Following the transaction, the director now owns 175,449 shares in the company, valued at approximately $61,959,814.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tamara Hughes Gustavson sold 830 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $353.09, for a total value of $293,064.70. Following the completion of the transaction, the director now owns 1,430 shares in the company, valued at approximately $504,918.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,670 shares of company stock valued at $18,599,374. 11.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Public Storage

A number of large investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Public Storage in the fourth quarter worth approximately $735,608,000. State Street Corp increased its holdings in Public Storage by 10.3% in the first quarter. State Street Corp now owns 11,667,458 shares of the real estate investment trust’s stock worth $4,553,576,000 after buying an additional 1,085,578 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Public Storage by 73.1% in the second quarter. Goldman Sachs Group Inc. now owns 1,249,692 shares of the real estate investment trust’s stock worth $390,742,000 after buying an additional 527,777 shares during the last quarter. BlackRock Inc. increased its holdings in Public Storage by 2.7% in the fourth quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock worth $6,463,290,000 after buying an additional 456,793 shares during the last quarter. Finally, FMR LLC increased its holdings in Public Storage by 44.3% in the second quarter. FMR LLC now owns 1,412,624 shares of the real estate investment trust’s stock worth $441,685,000 after buying an additional 433,737 shares during the last quarter. Institutional investors and hedge funds own 78.19% of the company’s stock.

About Public Storage

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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.

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