Public Storage (NYSE:PSA) Trading Up 1.5% - Should You Buy?

Public Storage (NYSE:PSA - Get Free Report) shares traded up 1.5% on Friday . The company traded as high as $296.50 and last traded at $299.14. 64,170 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 711,712 shares. The stock had previously closed at $294.74.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PSA shares. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and lifted their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Scotiabank upgraded Public Storage from a "sector perform" rating to a "sector outperform" rating and lowered their price objective for the company from $333.00 to $305.00 in a research note on Wednesday. Wells Fargo & Company cut their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Truist Financial reduced their price target on Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a report on Tuesday, March 18th. Finally, Mizuho started coverage on shares of Public Storage in a research note on Wednesday. They issued a "neutral" rating and a $287.00 price target on the stock. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $332.08.

Remove Ads

Public Storage Stock Performance

The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The business's fifty day moving average price is $298.41 and its 200-day moving average price is $315.85. The stock has a market cap of $49.53 billion, a PE ratio of 29.32, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.25%. Public Storage's dividend payout ratio is presently 112.89%.

Hedge Funds Weigh In On Public Storage

A number of institutional investors and hedge funds have recently modified their holdings of PSA. Quent Capital LLC lifted its holdings in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 50 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Public Storage during the 4th quarter valued at about $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Public Storage in the 4th quarter worth approximately $32,000. Synergy Asset Management LLC purchased a new position in shares of Public Storage in the fourth quarter worth approximately $38,000. Finally, Millstone Evans Group LLC bought a new stake in Public Storage during the fourth quarter valued at approximately $38,000. 78.79% of the stock is currently owned by hedge funds and other 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.