Public Storage (NYSE:PSA) Stock Rating Upgraded by Scotiabank

Scotiabank upgraded shares of Public Storage (NYSE:PSA) from a sector perform rating to a sector outperform rating in a research report released on Wednesday, MarketBeat.com reports. They currently have $305.00 price target on the real estate investment trust’s stock, down from their prior price target of $333.00.

A number of other analysts also recently issued reports on PSA. Truist Financial reduced their price objective on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. Wells Fargo & Company reduced their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Barclays reaffirmed an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Royal Bank of Canada reduced their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $332.08.

Public Storage Price Performance

Shares of PSA stock traded down $7.80 on Wednesday, hitting $274.49. 447,506 shares of the stock traded hands, compared to its average volume of 728,675. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The firm has a 50 day simple moving average of $297.78 and a two-hundred day simple moving average of $315.04. The firm has a market cap of $48.15 billion, a price-to-earnings ratio of 28.52, a PEG ratio of 4.91 and a beta of 0.76.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.37%. Public Storage’s dividend payout ratio is currently 112.89%.

Institutional Investors Weigh In On Public Storage

Several institutional investors have recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Public Storage by 5.0% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock worth $16,089,000 after acquiring an additional 2,566 shares during the last quarter. Capital Investment Advisors LLC grew its position in shares of Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after buying an additional 5,793 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Public Storage by 30.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock valued at $40,926,000 after buying an additional 31,662 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in Public Storage in the fourth quarter valued at approximately $395,000. Finally, Aew Capital Management L P lifted its position in Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock valued at $131,574,000 after acquiring an additional 228,740 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

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.