Public Storage (NYSE:PSA) Hits New 1-Year High Following Analyst Upgrade
by Mitch Edgeman · The Markets DailyPublic Storage (NYSE:PSA – Get Free Report)’s share price reached a new 52-week high during mid-day trading on Tuesday after Evercore raised their price target on the stock from $306.00 to $317.00. The company traded as high as $316.95 and last traded at $318.5620, with a volume of 34058 shares traded. The stock had previously closed at $311.08.
A number of other equities analysts have also weighed in on the company. UBS Group upped their target price on Public Storage from $276.00 to $314.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Barclays reduced their price target on shares of Public Storage from $352.00 to $349.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Scotiabank upped their price objective on shares of Public Storage from $321.00 to $340.00 in a report on Monday, May 11th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $341.00 price objective on shares of Public Storage in a research note on Wednesday, April 29th. Finally, BNP Paribas Exane lifted their price objective on shares of Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $316.67.
Get Our Latest Stock Analysis on PSA
Institutional Investors Weigh In On Public Storage
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. First Nebraska Trust Co purchased a new stake in Public Storage in the 1st quarter valued at about $2,983,000. Allen Capital Group LLC purchased a new position in Public Storage in the first quarter valued at about $229,000. Glenmede Trust Co. NA lifted its stake in Public Storage by 5.1% in the first quarter. Glenmede Trust Co. NA now owns 2,659 shares of the real estate investment trust’s stock valued at $720,000 after purchasing an additional 130 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Public Storage during the 1st quarter worth $400,000. Finally, CTC Alternative Strategies Ltd. bought a new stake in Public Storage in the 1st quarter valued at about $390,000. 78.79% of the stock is owned by hedge funds and other institutional investors.
Public Storage Stock Up 3.1%
The firm has a market capitalization of $56.28 billion, a P/E ratio of 33.09, a PEG ratio of 4.22 and a beta of 0.98. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a 50 day moving average of $298.94 and a 200-day moving average of $287.29.
Public Storage (NYSE:PSA – Get Free Report) last posted its earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.29. Public Storage had a net margin of 39.16% and a return on equity of 37.78%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the company earned $4.12 earnings per share. The company’s revenue was down .1% on a year-over-year basis. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. Research analysts predict that Public Storage will post 16.92 earnings per share for the current fiscal year.
Public Storage Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Monday, June 15th. Public Storage’s payout ratio is currently 123.84%.
Public Storage Company Profile
Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.
The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.