Public Storage (NYSE:PSA) Receives $340.69 Consensus Price Target from Analysts

Public Storage (NYSE:PSA - Get Free Report) has been given an average rating of "Moderate Buy" by the fourteen analysts that are covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $340.69.

A number of analysts recently issued reports on PSA shares. Royal Bank of Canada dropped their price target on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. Wells Fargo & Company dropped their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and lifted their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Truist Financial lifted their price target on shares of Public Storage from $306.00 to $340.00 and gave the stock a "hold" rating in a research note on Thursday, December 5th. Finally, Barclays dropped their price target on shares of Public Storage from $380.00 to $361.00 and set an "overweight" rating for the company in a research note on Monday, January 13th.

Public Storage Stock Down 1.7 %

Shares of PSA traded down $5.22 during mid-day trading on Friday, reaching $305.82. 1,317,593 shares of the stock traded hands, compared to its average volume of 700,056. The firm has a market cap of $53.65 billion, a price-to-earnings ratio of 31.76, a P/E/G ratio of 4.91 and a beta of 0.74. The stock has a fifty day simple moving average of $298.63 and a 200 day simple moving average of $325.04. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage's dividend payout ratio is presently 112.89%.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the company's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the transaction, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.00% of the company's stock.

Hedge Funds Weigh In On Public Storage

Several institutional investors have recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Public Storage during the fourth quarter worth about $99,157,000. Azzad Asset Management Inc. ADV grew its position in shares of Public Storage by 1.5% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 4,696 shares of the real estate investment trust's stock worth $1,406,000 after acquiring an additional 70 shares during the last quarter. Integrated Advisors Network LLC grew its position in shares of Public Storage by 1.4% during the fourth quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust's stock worth $918,000 after acquiring an additional 41 shares during the last quarter. Ameriflex Group Inc. bought a new position in shares of Public Storage during the fourth quarter worth about $30,000. Finally, Ascent Group LLC grew its position in shares of Public Storage by 36.2% during the fourth quarter. Ascent Group LLC now owns 870 shares of the real estate investment trust's stock worth $261,000 after acquiring an additional 231 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

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.