Public Storage (NYSE:PSA) Price Target Raised to $365.00

Public Storage (NYSE:PSA) had its price objective increased by Truist Financial from $317.00 to $365.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

A number of other research analysts have also recently weighed in on PSA. Raymond James Financial started coverage on shares of Public Storage in a report on Thursday, July 16th. They issued a “market perform” rating for the company. Weiss Ratings downgraded Public Storage from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, October 8th. Royal Bank Of Canada boosted their price objective on shares of Public Storage from $318.00 to $323.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 28th. Mizuho upped their price objective on shares of Public Storage from $316.00 to $319.00 and gave the company a “neutral” rating in a research note on Wednesday, September 2nd. Finally, Wall Street Zen cut Public Storage from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Seven investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $328.32.

Public Storage Trading Down 0.2%

Shares of NYSE:PSA traded down $0.54 during midday trading on Thursday, reaching $332.79. 1,051,847 shares of the company’s stock were exchanged, compared to its average volume of 1,076,542. The stock has a market cap of $62.18 billion, a price-to-earnings ratio of 34.85, a P/E/G ratio of 4.93 and a beta of 0.89. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $345.89. The firm’s 50 day simple moving average is $303.52 and its two-hundred day simple moving average is $305.32. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.00 and a quick ratio of 1.00.

Public Storage (NYSE:PSA) last posted its earnings results on Monday, October 26th. The real estate investment trust reported $1.69 EPS for the quarter, missing analysts’ consensus estimates of $2.49 by ($0.80). Public Storage had a net margin of 37.76% and a return on equity of 29.93%. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company earned $4.31 EPS. The company’s quarterly revenue was up .5% compared to the same quarter last year. As a group, sell-side analysts forecast that Public Storage will post 16.97 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 8th. Stockholders of record on Tuesday, December 15th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, December 15th. Public Storage’s dividend payout ratio is presently 125.65%.

Hedge Funds Weigh In On Public Storage

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Public Storage in the 2nd quarter valued at approximately $5,495,077,000. State Street Corp raised its stake in shares of Public Storage by 7.5% during the third quarter. State Street Corp now owns 10,894,599 shares of the real estate investment trust’s stock worth $3,112,944,000 after purchasing an additional 760,808 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Public Storage by 3.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,280,540 shares of the real estate investment trust’s stock worth $617,720,000 after purchasing an additional 67,787 shares during the period. Legal & General Group Plc acquired a new stake in shares of Public Storage during the second quarter worth $601,650,000. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Public Storage during the second quarter worth $558,904,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Company Profile

Public Storage is a real estate investment trust that owns and operates self-storage facilities. Its properties offer individuals and businesses rental storage units in a range of sizes for household goods, business inventory, and other belongings. The company also provides related services, including storage protection plans. Founded in 1972, Public Storage has grown into a major self-storage provider in the United States, with facilities serving customers across the country. Its business also has a connection to Europe through its investment in Shurgard Self Storage, which operates self-storage properties in several European markets.