Public Storage (NYSE:PSA) Reaches New 52-Week High at $369.99

Public Storage (NYSE:PSA)’s share price reached a new 52-week high on Tuesday . The company traded as high as $369.99 and last traded at $361.07, with a volume of 28118 shares changing hands. The stock had previously closed at $363.87.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PSA. Morgan Stanley boosted their target price on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday. Citigroup increased their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Scotiabank lifted their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Wells Fargo & Company increased their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada started coverage on shares of Public Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $337.36.

Public Storage Trading Down 1.3 %

The stock has a fifty day moving average of $335.99 and a two-hundred day moving average of $299.85. The company has a market capitalization of $62.18 billion, a PE ratio of 32.27, a PEG ratio of 5.02 and a beta of 0.67. 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 (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the business posted $4.28 earnings per share. As a group, sell-side analysts anticipate that Public Storage will post 16.75 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s payout ratio is 108.99%.

Institutional Trading of Public Storage

Institutional investors have recently modified their holdings of the company. Bank of Nova Scotia lifted its holdings in Public Storage by 31.7% in the 4th quarter. Bank of Nova Scotia now owns 19,868 shares of the real estate investment trust’s stock worth $6,059,000 after buying an additional 4,782 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Public Storage by 4.2% in 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 acquiring an additional 5,239 shares during the period. NEOS Investment Management LLC boosted its holdings in Public Storage by 41.9% in the fourth quarter. NEOS Investment Management LLC now owns 2,125 shares of the real estate investment trust’s stock valued at $648,000 after acquiring an additional 627 shares in the last quarter. Rafferty Asset Management LLC boosted its holdings in Public Storage by 20.0% in the fourth quarter. Rafferty Asset Management LLC now owns 21,224 shares of the real estate investment trust’s stock valued at $6,473,000 after acquiring an additional 3,544 shares in the last quarter. Finally, Peapack Gladstone Financial Corp increased its position in Public Storage by 8.2% during the 4th quarter. Peapack Gladstone Financial Corp now owns 2,184 shares of the real estate investment trust’s stock valued at $666,000 after purchasing an additional 165 shares during the period. 78.79% of the stock is currently owned by hedge funds and other 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.