Public Storage (NYSE:PSA) Receives Consensus Rating of “Buy” from Analysts

Shares of Public Storage (NYSE:PSA – Get Rating) have been given a consensus rating of “Buy” by the thirteen ratings firms that are presently covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $372.91.

Several research firms have issued reports on PSA. Raymond James dropped their price target on shares of Public Storage from $375.00 to $365.00 in a research report on Monday, May 23rd. Morgan Stanley dropped their price target on shares of Public Storage from $357.00 to $298.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 25th. JPMorgan Chase & Co. upped their price target on shares of Public Storage from $385.00 to $434.00 and gave the stock an “overweight” rating in a research report on Monday, April 4th. Truist Financial dropped their price target on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating on the stock in a research report on Wednesday, June 1st. Finally, The Goldman Sachs Group increased their price objective on shares of Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a research report on Thursday, April 14th.

Shares of PSA stock opened at $298.54 on Tuesday. The company’s fifty day simple moving average is $346.36 and its 200-day simple moving average is $357.74. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 1.39. The firm has a market cap of $52.38 billion, a PE ratio of 29.01, a P/E/G ratio of 2.75 and a beta of 0.29. Public Storage has a 12 month low of $292.32 and a 12 month high of $421.76.

Public Storage (NYSE:PSA – Get Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.59 by ($0.96). Public Storage had a return on equity of 38.01% and a net margin of 54.79%. The firm had revenue of $749.27 million for the quarter, compared to the consensus estimate of $985.58 million. During the same period last year, the company posted $2.82 earnings per share. The business’s revenue was up 15.8% compared to the same quarter last year. On average, equities analysts predict that Public Storage will post 15.51 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $8.00 dividend on an annualized basis and a yield of 2.68%. Public Storage’s payout ratio is 77.75%.

Institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC acquired a new stake in Public Storage during the fourth quarter worth about $25,000. Mystic Asset Management Inc. acquired a new stake in Public Storage during the fourth quarter worth about $26,000. Lee Financial Co acquired a new stake in Public Storage during the fourth quarter worth about $27,000. CVA Family Office LLC acquired a new stake in Public Storage during the fourth quarter worth about $30,000. Finally, Investors Research Corp grew its stake in Public Storage by 102.5% during the first quarter. Investors Research Corp now owns 81 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.

About Public Storage (Get Rating)

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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

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