Public Storage (NYSE:PSA) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Public Storage (NYSE:PSA) from a neutral rating to a buy rating in a research report released on Tuesday morning, Marketbeat reports. The brokerage currently has $368.00 target price on the real estate investment trust’s stock, up from their prior target price of $349.00.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company decreased 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. Mizuho initiated coverage on Public Storage in a report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price objective for the company. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Scotiabank upgraded shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and reduced their price objective for the stock from $333.00 to $305.00 in a research note on Wednesday, April 9th. Finally, Barclays restated an “overweight” rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $336.25.

Public Storage Trading Down 0.5 %

Shares of Public Storage stock opened at $293.77 on Tuesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a 50-day moving average of $295.45 and a 200-day moving average of $310.32. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The stock has a market cap of $51.53 billion, a PE ratio of 30.51, a PEG ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date was Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Institutional Investors Weigh In On Public Storage

A number of hedge funds and other institutional investors have recently bought and sold shares of PSA. Shum Financial Group Inc. boosted its stake in shares of Public Storage by 1.7% during the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust’s stock valued at $625,000 after purchasing an additional 35 shares in the last quarter. Doliver Advisors LP boosted its position in Public Storage by 2.6% during the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after buying an additional 36 shares during the period. Brooklyn Investment Group boosted its position in 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 worth $345,000 after buying an additional 38 shares during the period. Werba Rubin Papier Wealth Management grew its holdings in Public Storage by 1.7% during 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 acquiring an additional 38 shares during the last quarter. Finally, Lido Advisors LLC increased its position in Public Storage by 0.9% in the 4th quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust’s stock valued at $1,287,000 after acquiring an additional 39 shares during the period. Institutional investors own 78.79% of the company’s stock.

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.