Brokerages Set Public Storage (NYSE:PSA) Price Target at $340.69

Shares of Public Storage (NYSE:PSA) have been given a consensus rating of “Moderate Buy” by the fourteen research firms that are covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $340.69.

Several equities research analysts recently commented on the stock. Wells Fargo & Company cut their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Truist Financial raised their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Royal Bank of Canada reduced their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Barclays lowered their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the sale, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.00% of the stock is owned by insiders.

Institutional Trading of Public Storage

Large investors have recently made changes to their positions in the company. Norges Bank bought a new position in Public Storage in the fourth quarter worth approximately $931,286,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after purchasing an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC increased its stake in Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after purchasing an additional 1,164,630 shares in the last quarter. FMR LLC raised its holdings in Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after buying an additional 869,066 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Public Storage by 43.4% in the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after buying an additional 749,913 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of PSA stock opened at $310.86 on Friday. The firm has a market capitalization of $54.53 billion, a price-to-earnings ratio of 32.28, a PEG ratio of 4.91 and a beta of 0.74. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The business’s 50-day moving average price is $298.53 and its 200-day moving average price is $325.14. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.86%. Public Storage’s dividend payout ratio is currently 112.89%.

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 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.