Public Storage (NYSE:PSA) Lowered to “Market Perform” Rating by BMO Capital Markets

BMO Capital Markets cut shares of Public Storage (NYSE:PSA) from an outperform rating to a market perform rating in a research report released on Friday, Marketbeat reports. They currently have $325.00 target price on the real estate investment trust’s stock, down from their prior target price of $340.00.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company cut their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Bank of America lifted their target price on Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Mizuho lifted their target price on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. Barclays cut their target price on Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. Finally, Royal Bank Of Canada cut their target price on Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research note on Friday, May 2nd. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $338.15.

Public Storage Stock Performance

PSA stock opened at $290.12 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. The business has a 50-day moving average price of $298.53 and a 200 day moving average price of $299.30. The company has a market capitalization of $50.90 billion, a P/E ratio of 28.81, a PEG ratio of 4.21 and a beta of 0.89. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99.

Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm earned $4.03 earnings per share. The firm’s quarterly revenue was up .1% compared to the same quarter last year. As a group, equities research analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.14%. Public Storage’s payout ratio is 119.17%.

Institutional Investors Weigh In On Public Storage

A number of large investors have recently bought and sold shares of the company. Retirement Planning Co of New England Inc. boosted its position in Public Storage by 1.6% in the first quarter. Retirement Planning Co of New England Inc. now owns 2,084 shares of the real estate investment trust’s stock valued at $624,000 after buying an additional 33 shares during the last quarter. Shum Financial Group Inc. boosted its position in Public Storage by 1.7% in the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust’s stock valued at $625,000 after buying an additional 35 shares during the last quarter. Lido Advisors LLC boosted its position in Public Storage by 0.9% in the fourth quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust’s stock valued at $1,287,000 after buying an additional 39 shares during the last quarter. Meeder Asset Management Inc. boosted its position in Public Storage by 3.1% in the first quarter. Meeder Asset Management Inc. now owns 1,295 shares of the real estate investment trust’s stock valued at $388,000 after buying an additional 39 shares during the last quarter. Finally, Meeder Advisory Services Inc. boosted its position in Public Storage by 1.1% in the first quarter. Meeder Advisory Services Inc. now owns 3,581 shares of the real estate investment trust’s stock valued at $1,072,000 after buying an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

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.