Public Storage (NYSE:PSA) Upgraded by Mizuho to Hold Rating

Mizuho upgraded shares of Public Storage (NYSE:PSA - Free Report) to a hold rating in a report released on Tuesday, April 8th,Zacks.com reports.

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

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Public Storage Price Performance

Shares of NYSE:PSA traded up $1.97 during trading on Tuesday, hitting $290.70. 163,508 shares of the company's stock were exchanged, compared to its average volume of 733,620. The business's 50-day simple moving average is $296.81 and its 200 day simple moving average is $313.14. 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 company has a market cap of $50.99 billion, a price-to-earnings ratio of 30.19, a PEG ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.13%. Public Storage's dividend payout ratio is presently 112.89%.

Institutional Trading of Public Storage

Several hedge funds have recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Public Storage by 5.0% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock worth $16,089,000 after purchasing an additional 2,566 shares in the last quarter. Capital Investment Advisors LLC increased its position in Public Storage by 25.4% during the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock valued at $8,566,000 after buying an additional 5,793 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Public Storage by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock valued at $40,926,000 after buying an additional 31,662 shares in the last quarter. Meridian Wealth Management LLC acquired a new stake in Public Storage in the fourth quarter worth about $395,000. Finally, Aew Capital Management L P grew its stake in shares of Public Storage by 108.6% during the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock worth $131,574,000 after acquiring an additional 228,740 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other 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.