Public Storage (NYSE:PSA) Receives $311.50 Average Target Price from Analysts

Public Storage (NYSE:PSA) has been assigned a consensus recommendation of “Hold” from the five research firms that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $311.50.

Several equities research analysts recently issued reports on PSA shares. Bank of America started coverage on shares of Public Storage in a research note on Monday, May 8th. They set a “buy” rating on the stock. Truist Financial dropped their target price on shares of Public Storage from $320.00 to $305.00 and set a “buy” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. dropped their target price on shares of Public Storage from $338.00 to $324.00 in a research report on Tuesday, June 13th. Finally, StockNews.com initiated coverage on shares of Public Storage in a research report on Wednesday, August 23rd. They issued a “hold” rating for the company.

Institutional Trading of Public Storage

A number of institutional investors have recently made changes to their positions in the stock. Garde Capital Inc. bought a new stake in shares of Public Storage in the 2nd quarter worth approximately $438,000. Willow Creek Wealth Management Inc. raised its holdings in shares of Public Storage by 165.9% during the second quarter. Willow Creek Wealth Management Inc. now owns 2,098 shares of the real estate investment trust’s stock valued at $612,000 after acquiring an additional 1,309 shares during the period. CTC Alternative Strategies Ltd. acquired a new stake in shares of Public Storage during the second quarter valued at approximately $412,000. Virginia Retirement Systems ET AL acquired a new stake in shares of Public Storage during the second quarter valued at approximately $78,099,000. Finally, VisionPoint Advisory Group LLC raised its holdings in shares of Public Storage by 19.3% during the second quarter. VisionPoint Advisory Group LLC now owns 6,650 shares of the real estate investment trust’s stock valued at $1,941,000 after acquiring an additional 1,078 shares during the period. 78.75% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

Public Storage stock opened at $276.38 on Tuesday. Public Storage has a 12-month low of $269.49 and a 12-month high of $344.91. The company has a market capitalization of $48.60 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 3.73 and a beta of 0.45. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.28 and a quick ratio of 1.28. The firm’s fifty day moving average price is $285.83 and its 200 day moving average price is $290.50.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date of this dividend is Tuesday, September 12th. Public Storage’s payout ratio is 51.97%.

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 June 30, 2023, we had: (i) interests in 2,888 self-storage facilities located in 40 states with approximately 206 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 266 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.