Other research analysts have also issued reports about the company. Truist Financial lowered their price target on Public Storage from $425.00 to $385.00 and set a buy rating for the company in a research report on Wednesday, June 1st. StockNews.com lowered Public Storage from a buy rating to a hold rating in a research report on Friday, June 10th. The Goldman Sachs Group lifted their target price on Public Storage from $398.00 to $440.00 and gave the company a neutral rating in a report on Thursday, April 14th. Raymond James decreased their target price on Public Storage from $375.00 to $365.00 in a report on Monday, May 23rd. Finally, Morgan Stanley decreased their target price on Public Storage from $357.00 to $298.00 and set an equal weight rating for the company in a report on Wednesday, May 25th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Buy and an average target price of $373.09.
Shares of Public Storage stock opened at $298.54 on Monday. The firm has a market capitalization of $52.38 billion, a price-to-earnings ratio of 29.01, a PEG ratio of 2.73 and a beta of 0.29. Public Storage has a fifty-two week low of $292.32 and a fifty-two week high of $421.76. The company has a debt-to-equity ratio of 1.39, a quick ratio of 2.07 and a current ratio of 2.07. The stock has a 50 day moving average of $344.30 and a 200 day moving average of $357.65.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Tuesday, June 14th. Public Storage’s dividend payout ratio (DPR) is currently 77.75%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSA. Norges Bank purchased a new position in shares of Public Storage during the fourth quarter worth about $735,608,000. State Street Corp grew its holdings in shares of Public Storage by 10.3% during the first quarter. State Street Corp now owns 11,667,458 shares of the real estate investment trust’s stock worth $4,553,576,000 after buying an additional 1,085,578 shares during the last quarter. BlackRock Inc. boosted its holdings in Public Storage by 2.7% in the 4th quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock valued at $6,463,290,000 after purchasing an additional 456,793 shares in the last quarter. Northern Trust Corp boosted its holdings in Public Storage by 18.2% in the 4th quarter. Northern Trust Corp now owns 2,792,588 shares of the real estate investment trust’s stock valued at $1,045,992,000 after purchasing an additional 430,899 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Public Storage in the 4th quarter valued at approximately $148,522,000. 78.54% of the stock is currently owned by hedge funds and other institutional investors.
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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