Public Storage (NYSE:PSA) Sets New 52-Week High After Analyst Upgrade

Public Storage (NYSE:PSA - Get Free Report)'s share price reached a new 52-week high on Monday after Evercore ISI raised their price target on the stock from $334.00 to $343.00. Evercore ISI currently has an in-line rating on the stock. Public Storage traded as high as $361.64 and last traded at $359.27, with a volume of 22038 shares traded. The stock had previously closed at $359.16.

A number of other equities research analysts have also weighed in on PSA. Citigroup boosted their target price on Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Barclays boosted their price objective on Public Storage from $327.00 to $374.00 and gave the company an "overweight" rating in a research report on Thursday, August 22nd. Wolfe Research upgraded shares of Public Storage to a "strong-buy" rating in a report on Wednesday, September 4th. Royal Bank of Canada initiated coverage on shares of Public Storage in a report on Tuesday, September 10th. They set a "sector perform" rating and a $358.00 price target for the company. Finally, Wells Fargo & Company raised their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an "overweight" rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $325.85.

Institutional Investors Weigh In On Public Storage

A number of large investors have recently modified their holdings of the stock. Gryphon Financial Partners LLC raised its stake in Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust's stock worth $476,000 after buying an additional 38 shares in the last quarter. Signet Financial Management LLC raised its position in shares of Public Storage by 2.1% in the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust's stock worth $555,000 after acquiring an additional 39 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Public Storage by 0.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust's stock valued at $1,201,000 after purchasing an additional 39 shares during the period. Brookstone Capital Management boosted its position in shares of Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust's stock valued at $354,000 after purchasing an additional 40 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC grew its stake in Public Storage by 3.5% in the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust's stock worth $357,000 after purchasing an additional 42 shares during the period. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market capitalization of $63.78 billion, a PE ratio of 32.74, a PEG ratio of 5.06 and a beta of 0.67. The company has a 50 day moving average of $320.20 and a two-hundred day moving average of $293.11.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts' consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to analysts' expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm's quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company earned $4.28 earnings per share. As a group, equities research analysts predict that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage's dividend payout ratio is 108.99%.

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.