Brokerages Set Public Storage (NYSE:PSA) PT at $366.08

Shares of Public Storage (NYSE:PSAGet Rating) have received a consensus rating of “Moderate Buy” from the fourteen analysts that are presently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $366.08.

PSA has been the topic of several research analyst reports. StockNews.com cut shares of Public Storage from a “buy” rating to a “hold” rating in a research report on Friday, June 10th. Citigroup restated a “buy” rating and issued a $367.00 price objective on shares of Public Storage in a research report on Thursday, July 28th. BMO Capital Markets upgraded shares of Public Storage from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $410.00 to $370.00 in a research report on Thursday, May 19th. Evercore ISI set a $348.00 price target on shares of Public Storage in a research report on Monday, June 20th. Finally, Stifel Nicolaus reduced their price target on shares of Public Storage from $410.00 to $360.00 in a research report on Tuesday, June 21st.

Public Storage Trading Up 0.2 %

Shares of Public Storage stock opened at $331.20 on Wednesday. Public Storage has a 12-month low of $292.32 and a 12-month high of $421.76. The company has a market cap of $58.11 billion, a price-to-earnings ratio of 32.19, a PEG ratio of 2.99 and a beta of 0.34. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 1.39. The company’s 50-day moving average price is $316.49 and its 200-day moving average price is $347.43.

Public Storage (NYSE:PSAGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share for the quarter, missing the consensus estimate of $3.59 by ($0.96). The company had revenue of $749.27 million during the quarter, compared to the consensus estimate of $985.58 million. Public Storage had a return on equity of 38.01% and a net margin of 54.79%. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter last year, the company posted $2.82 earnings per share. On average, equities analysts expect that Public Storage will post 15.56 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.42%. Public Storage’s payout ratio is 77.75%.

Hedge Funds Weigh In On Public Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Coastal Bridge Advisors LLC purchased a new position in Public Storage during the second quarter valued at $204,000. Ascent Group LLC lifted its position in Public Storage by 28.6% during the second quarter. Ascent Group LLC now owns 1,654 shares of the real estate investment trust’s stock valued at $540,000 after buying an additional 368 shares during the period. Landscape Capital Management L.L.C. lifted its position in Public Storage by 22.3% during the second quarter. Landscape Capital Management L.L.C. now owns 2,012 shares of the real estate investment trust’s stock valued at $629,000 after buying an additional 367 shares during the period. MQS Management LLC purchased a new position in Public Storage during the second quarter valued at $1,315,000. Finally, M&T Bank Corp lifted its position in Public Storage by 48.4% during the second quarter. M&T Bank Corp now owns 28,875 shares of the real estate investment trust’s stock valued at $6,879,000 after buying an additional 9,415 shares during the period. Hedge funds and other institutional investors own 78.54% of the company’s stock.

Public Storage Company Profile

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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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