Evercore ISI Raises Public Storage (NYSE:PSA) Price Target to $343.00

Public Storage (NYSE:PSA) had its price target lifted by Evercore ISI from $334.00 to $343.00 in a report released on Monday, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

PSA has been the topic of a number of other research reports. Truist Financial lowered shares of Public Storage from a buy rating to a hold rating and set a $306.00 price target on the stock. in a report on Thursday, August 1st. Royal Bank of Canada began coverage on Public Storage in a report on Tuesday, September 10th. They issued a sector perform rating and a $358.00 target price on the stock. Wells Fargo & Company upped their price target on Public Storage from $310.00 to $320.00 and gave the stock an overweight rating in a research note on Friday, July 26th. Wolfe Research raised Public Storage to a strong-buy rating in a research note on Wednesday, September 4th. Finally, Bank of America cut Public Storage from a buy rating to a neutral rating and set a $318.00 target price for the company. in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of Moderate Buy and an average price target of $332.71.

Public Storage Price Performance

Shares of PSA opened at $358.62 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a twelve month low of $233.18 and a twelve month high of $366.29. The firm has a market capitalization of $62.77 billion, a PE ratio of 32.57, a P/E/G ratio of 5.12 and a beta of 0.67. The stock’s 50 day moving average is $325.73 and its two-hundred day moving average is $295.10.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period last year, the business earned $4.28 earnings per share. Research analysts anticipate that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

Hedge Funds Weigh In On Public Storage

A number of institutional investors have recently added to or reduced their stakes in the company. Gryphon Financial Partners LLC lifted its stake in shares of Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after acquiring an additional 38 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Public Storage by 24.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 25,288 shares of the real estate investment trust’s stock valued at $7,713,000 after buying an additional 4,959 shares during the last quarter. Independent Advisor Alliance purchased a new position in shares of Public Storage during the 4th quarter valued at approximately $219,000. Brown Advisory Inc. grew its position in shares of Public Storage by 1.6% during the fourth quarter. Brown Advisory Inc. now owns 9,020 shares of the real estate investment trust’s stock worth $2,751,000 after buying an additional 141 shares in the last quarter. Finally, ING Groep NV increased its stake in shares of Public Storage by 207.7% in the fourth quarter. ING Groep NV now owns 2,665 shares of the real estate investment trust’s stock worth $813,000 after buying an additional 1,799 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

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.