Public Storage (NYSE:PSA) Coverage Initiated at Mizuho

Mizuho began coverage on shares of Public Storage (NYSE:PSA - Free Report) in a research report report published on Wednesday,Benzinga reports. The firm issued a neutral rating and a $287.00 price target on the real estate investment trust's stock.

Several other equities analysts have also issued reports on the stock. Royal Bank of Canada cut their price target on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 26th. 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. Barclays reaffirmed an "overweight" rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and raised their price target for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Truist Financial cut their price objective on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating on the stock in a report on Tuesday, March 18th. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Public Storage has an average rating of "Moderate Buy" and an average price target of $332.08.

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Public Storage Stock Up 2.3 %

Shares of PSA stock traded up $6.57 during mid-day trading on Wednesday, hitting $286.91. 375,546 shares of the stock traded hands, compared to its average volume of 732,913. The stock's fifty day moving average is $297.08 and its two-hundred day moving average is $313.61. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The stock has a market cap of $50.33 billion, a P/E ratio of 29.79, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's payout ratio is 112.89%.

Institutional Trading of Public Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in Public Storage during the 4th quarter worth about $931,286,000. Northern Trust Corp boosted 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 worth $741,592,000 after buying an additional 749,913 shares during the last quarter. Cohen & Steers Inc. grew its holdings in Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after acquiring an additional 592,944 shares during the period. GAMMA Investing LLC grew its holdings in Public Storage by 34,827.1% during the first quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock worth $157,114,000 after acquiring an additional 523,452 shares during the period. Finally, Deutsche Bank AG raised its position in Public Storage by 44.6% during the fourth quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock valued at $421,538,000 after acquiring an additional 433,918 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

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.