Public Storage (NYSE:PSA) Hits New 52-Week High at $312.48

Public Storage (NYSE:PSA - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $312.48 and last traded at $312.45, with a volume of 31625 shares. The stock had previously closed at $309.98.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PSA. Evercore ISI raised their target price on Public Storage from $289.00 to $300.00 and gave the stock an "in-line" rating in a research note on Monday. Wells Fargo & Company upgraded Public Storage from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Barclays dropped their price target on Public Storage from $330.00 to $327.00 and set an "overweight" rating for the company in a research report on Monday, May 20th. Finally, Raymond James upgraded Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 price target for the company in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and a consensus price target of $305.64.

Public Storage Trading Down 2.1 %

The company has a market capitalization of $53.36 billion, a PE ratio of 27.58, a PEG ratio of 4.45 and a beta of 0.65. The stock has a fifty day moving average of $284.56 and a two-hundred day moving average of $282.74. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were given a $3.00 dividend. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.95%. Public Storage's dividend payout ratio is currently 108.99%.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kristy Pipes purchased 2,149 shares of the company's stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now directly owns 2,149 shares of the company's stock, valued at $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Public Storage

Several hedge funds have recently added to or reduced their stakes in PSA. EverSource Wealth Advisors LLC boosted its holdings in Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new stake in Public Storage in the fourth quarter worth $30,000. EdgeRock Capital LLC bought a new stake in Public Storage in the fourth quarter worth $32,000. Private Ocean LLC boosted its holdings in Public Storage by 5,450.0% in the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust's stock worth $34,000 after acquiring an additional 109 shares in the last quarter. Finally, Centerpoint Advisors LLC bought a new stake in Public Storage in the fourth quarter worth $35,000. 78.79% of the stock is owned by institutional investors.

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.