#5 - Public Storage (NYSE:PSA)
Self-storage facilities aren’t a sexy way to invest. But a 32% growth in stock price in the last 12 months and a total return of over 20% in 2024 is pretty attractive to investors in Public Storage (NYSE: PSA). The company develops, owns, and operates self-storage facilities and is the world’s fourth-largest REIT by market capitalization, controlling approximately 10% of the U.S. market share.
One of the best opportunities to invest in Public Storage came in 2020 and 2021 during the Great Relocation. The stock has quieted down since, but in 2024, growth is starting to accelerate. One of those reasons could be that some people who had been living by themselves are no longer doing so and need a place for their belongings. Another may be that investors are expecting the housing market to reaccelerate with rate cuts.
Of the stocks on this list, Public Storage has one of the most attractive dividend yields at 3.34% and an annualized payout of $12 per share.
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.
Read More - Current Price
- $358.62
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 8 Buy Ratings, 6 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $332.71 (7.2% Downside)
