Public Storage (NYSE:PSA) Trading Up 1.5% – Here’s Why

Shares of Public Storage (NYSE:PSA) rose 1.5% during mid-day trading on Friday . The stock traded as high as $296.50 and last traded at $299.14. Approximately 64,170 shares traded hands during trading, a decline of 91% from the average daily volume of 711,712 shares. The stock had previously closed at $294.74.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PSA shares. Wells Fargo & Company dropped their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Scotiabank cut their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Royal Bank of Canada lowered their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Truist Financial cut their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $338.73.

Public Storage Price Performance

The stock has a market capitalization of $49.82 billion, a PE ratio of 29.49, a PEG ratio of 4.91 and a beta of 0.73. The firm’s fifty day moving average price is $300.05 and its two-hundred day moving average price is $317.76. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.23%. Public Storage’s dividend payout ratio is presently 112.89%.

Hedge Funds Weigh In On Public Storage

Institutional investors and hedge funds have recently modified their holdings of the company. Doliver Advisors LP lifted its holdings in Public Storage by 2.6% in the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock valued at $433,000 after acquiring an additional 36 shares during the period. Brooklyn Investment Group increased its position in shares of Public Storage by 3.4% during the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after purchasing an additional 38 shares during the last quarter. Werba Rubin Papier Wealth Management lifted its stake in shares of Public Storage by 1.7% in the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock worth $681,000 after purchasing an additional 38 shares during the period. Continuum Advisory LLC boosted its holdings in shares of Public Storage by 7.6% in the third quarter. Continuum Advisory LLC now owns 549 shares of the real estate investment trust’s stock worth $182,000 after buying an additional 39 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its position in Public Storage by 2.4% during the third quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust’s stock valued at $617,000 after buying an additional 39 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.