Public Storage (NYSE:PSA) Raised to "Buy" at Bank of America

Bank of America upgraded shares of Public Storage (NYSE:PSA - Free Report) from a neutral rating to a buy rating in a research report released on Tuesday, Marketbeat.com reports. The brokerage currently has $368.00 price objective on the real estate investment trust's stock, up from their previous price objective of $349.00.

PSA has been the topic of a number of other reports. Barclays reissued an "overweight" rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Mizuho began coverage on shares of Public Storage in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price objective on the stock. Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded 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, Royal Bank of Canada dropped their target price on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $336.25.

Public Storage Price Performance

Shares of NYSE PSA traded down $4.47 during mid-day trading on Tuesday, hitting $289.33. 22,113 shares of the stock traded hands, compared to its average volume of 733,935. The company has a market cap of $50.75 billion, a PE ratio of 30.03, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a 50 day simple moving average of $295.45 and a two-hundred day simple moving average of $310.32.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's payout ratio is currently 112.89%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Shum Financial Group Inc. grew its holdings in shares of Public Storage by 1.7% during the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock worth $625,000 after purchasing an additional 35 shares in the last quarter. Doliver Advisors LP lifted its position in Public Storage by 2.6% during the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust's stock valued at $433,000 after purchasing an additional 36 shares during the last quarter. Brooklyn Investment Group grew its stake in Public Storage by 3.4% in the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust's stock worth $345,000 after buying an additional 38 shares in the last quarter. Werba Rubin Papier Wealth Management increased its holdings in shares of Public Storage by 1.7% in the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock worth $681,000 after buying an additional 38 shares during the last quarter. Finally, Lido Advisors LLC raised its position in shares of Public Storage by 0.9% during the 4th 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 in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

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.