Public Storage (NYSE:PSA) Given New $343.00 Price Target at Evercore ISI

Public Storage (NYSE:PSA - Free Report) had its price target boosted by Evercore ISI from $334.00 to $343.00 in a research report report published on Monday, Benzinga reports. They currently have an in-line rating on the real estate investment trust's stock.

Other equities analysts have also issued reports about the company. Wells Fargo & Company raised their price target on Public Storage from $310.00 to $320.00 and gave the stock an overweight rating in a research report on Friday, July 26th. Bank of America lowered Public Storage from a buy rating to a neutral rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. Royal Bank of Canada initiated coverage on Public Storage in a research note on Tuesday, September 10th. They set a sector perform rating and a $358.00 price objective for the company. Scotiabank increased their price objective on Public Storage from $308.00 to $339.00 and gave the company a sector perform rating in a research note on Thursday, August 22nd. Finally, Barclays increased their price objective on Public Storage from $327.00 to $374.00 and gave the company an overweight rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $325.85.

Public Storage Price Performance

Shares of PSA stock traded up $3.80 during trading hours on Monday, hitting $362.96. 596,457 shares of the company's stock were exchanged, compared to its average volume of 710,999. 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 current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 12-month low of $233.18 and a 12-month high of $364.61. The business's 50 day simple moving average is $320.20 and its 200-day simple moving average is $293.11.

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

Public Storage Dividend Announcement

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

Hedge Funds Weigh In On Public Storage

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust's stock worth $6,075,681,000 after purchasing an additional 217,487 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Public Storage by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust's stock valued at $1,575,794,000 after purchasing an additional 219,391 shares during the period. APG Asset Management US Inc. raised its stake in Public Storage by 4.8% during the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust's stock valued at $623,485,000 after purchasing an additional 100,000 shares during the period. Canada Pension Plan Investment Board raised its stake in Public Storage by 8.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust's stock valued at $343,968,000 after purchasing an additional 95,080 shares during the period. Finally, Centersquare Investment Management LLC raised its stake in Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust's stock valued at $343,573,000 after purchasing an additional 173,975 shares during the period. 78.79% of the stock is currently owned by 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.