Public Storage (NYSE:PSA) Reaches New 1-Year High at $369.99

Public Storage (NYSE:PSA) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $369.99 and last traded at $361.07, with a volume of 28118 shares trading hands. The stock had previously closed at $363.87.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PSA. Evercore ISI boosted their target price on shares of Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Royal Bank of Canada began coverage on shares of Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective for the company. Barclays boosted their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Citigroup boosted their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $339.08.

Public Storage Trading Down 0.4 %

The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $63.67 billion, a PE ratio of 33.05, a price-to-earnings-growth ratio of 5.10 and a beta of 0.67. The stock’s 50-day moving average price is $333.64 and its 200 day moving average price is $298.87.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the business earned $4.28 earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, sell-side analysts expect that Public Storage will post 16.75 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Hedge Funds Weigh In On Public Storage

A number of hedge funds and other institutional investors have recently modified their holdings of PSA. The Manufacturers Life Insurance Company boosted its position in shares of Public Storage by 4.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock worth $39,373,000 after purchasing an additional 5,239 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in Public Storage in the 1st quarter worth approximately $7,319,000. Centersquare Investment Management LLC grew its position in Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares during the last quarter. Scarborough Advisors LLC acquired a new position in Public Storage during the 4th quarter valued at approximately $4,701,000. Finally, KBC Group NV raised its holdings in shares of Public Storage by 47.4% in the fourth quarter. KBC Group NV now owns 60,928 shares of the real estate investment trust’s stock worth $18,583,000 after buying an additional 19,598 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

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.