Public Storage (NYSE:PSA) PT Raised to $320.00 at Wells Fargo & Company

Public Storage (NYSE:PSA) had its price target hoisted by Wells Fargo & Company from $310.00 to $320.00 in a report published on Friday morning, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other research firms have also issued reports on PSA. Raymond James upgraded Public Storage from a market perform rating to a strong-buy rating and set a $330.00 target price for the company in a research note on Thursday, March 28th. Barclays reduced their price target on Public Storage from $330.00 to $327.00 and set an overweight rating for the company in a report on Monday, May 20th. Scotiabank increased their price target on Public Storage from $289.00 to $314.00 and gave the company a sector perform rating in a report on Friday, July 19th. Finally, Evercore ISI increased their price target on Public Storage from $289.00 to $300.00 and gave the company an in-line rating in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $310.55.

Public Storage Stock Performance

NYSE PSA opened at $302.80 on Friday. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $314.93. The stock has a market cap of $53.21 billion, a price-to-earnings ratio of 27.50, a price-to-earnings-growth ratio of 4.38 and a beta of 0.65. The business has a fifty day moving average of $286.98 and a 200-day moving average of $282.50. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors 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 dividend on an annualized basis and a yield of 3.96%. Public Storage’s payout ratio is 108.99%.

Insider Activity at Public Storage

In related news, Director Kristy Pipes bought 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kristy Pipes acquired 2,149 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was acquired at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The disclosure for this purchase can be found here. Insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Public Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSA. EverSource Wealth Advisors LLC boosted its holdings in Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 44 shares in the last quarter. Core Wealth Advisors Inc. acquired a new stake in Public Storage during the fourth quarter valued at approximately $30,000. EdgeRock Capital LLC acquired a new stake in Public Storage during the fourth quarter valued at approximately $32,000. OFI Invest Asset Management acquired a new stake in Public Storage during the second quarter valued at approximately $32,000. Finally, Private Ocean LLC boosted its holdings in Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 109 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Company Profile

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.