Public Storage (NYSE:PSA) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Public Storage (NYSE:PSA) have received a consensus rating of “Moderate Buy” from the eleven analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $309.64.

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Barclays dropped their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research note on Thursday, March 28th. Evercore ISI raised their price objective on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Finally, Scotiabank raised their price objective on shares of Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a research note on Friday, July 19th.

Public Storage Price Performance

Shares of NYSE PSA opened at $294.91 on Friday. The stock has a market capitalization of $51.82 billion, a price-to-earnings ratio of 26.79, a PEG ratio of 4.40 and a beta of 0.65. Public Storage has a 12 month low of $233.18 and a 12 month high of $314.93. The firm’s 50 day simple moving average is $286.41 and its 200-day simple moving average is $282.60. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were given a dividend of $3.00 per share. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.07%. Public Storage’s payout ratio is 108.99%.

Insider Activity

In other news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The disclosure for this sale can be found here. Corporate insiders own 11.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Gold Investment Management Ltd. purchased a new stake in Public Storage during the fourth quarter worth about $849,000. Raymond James & Associates increased its stake in Public Storage by 4.3% during the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock worth $34,917,000 after purchasing an additional 4,695 shares during the period. Ellsworth Advisors LLC increased its stake in Public Storage by 615.7% during the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after purchasing an additional 17,036 shares during the period. The Manufacturers Life Insurance Company increased its stake in Public Storage by 4.2% during the fourth 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 during the period. Finally, Global Assets Advisory LLC purchased a new stake in Public Storage during the first quarter worth about $7,319,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

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.