Public Storage (NYSE:PSA) Stock Rating Upgraded by BNP Paribas

BNP Paribas upgraded shares of Public Storage (NYSE:PSA) to a strong-buy rating in a research report sent to investors on Tuesday,Zacks.com reports.

Other analysts have also issued reports about the stock. Scotiabank raised their price objective on shares of Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research note on Monday, May 12th. Mizuho raised their price target on shares of Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research report on Wednesday, May 28th. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a research report on Thursday, April 10th. BMO Capital Markets lowered Public Storage from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $340.00 to $325.00 in a report on Friday, June 20th. Finally, Evercore ISI boosted their price target on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research note on Friday, May 2nd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $337.64.

Public Storage Stock Up 0.4%

Shares of Public Storage stock opened at $295.84 on Tuesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market capitalization of $51.90 billion, a price-to-earnings ratio of 29.38, a P/E/G ratio of 4.26 and a beta of 0.89. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The company’s 50 day moving average price is $298.80 and its 200-day moving average price is $298.53.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. Public Storage’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the business earned $4.03 EPS. Equities research analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date is Thursday, June 12th. Public Storage’s payout ratio is 119.17%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Swedbank AB raised its holdings in Public Storage by 1.0% during the first quarter. Swedbank AB now owns 161,140 shares of the real estate investment trust’s stock valued at $48,228,000 after acquiring an additional 1,563 shares during the period. Asset Planning Services Inc. LA ADV grew its position in shares of Public Storage by 1.9% during the first quarter. Asset Planning Services Inc. LA ADV now owns 19,348 shares of the real estate investment trust’s stock valued at $5,791,000 after purchasing an additional 360 shares in the last quarter. Nicola Wealth Management LTD. increased its holdings in shares of Public Storage by 7.2% in the first quarter. Nicola Wealth Management LTD. now owns 8,890 shares of the real estate investment trust’s stock worth $2,661,000 after purchasing an additional 600 shares during the last quarter. Modern Wealth Management LLC lifted its position in shares of Public Storage by 65.5% in the first quarter. Modern Wealth Management LLC now owns 1,521 shares of the real estate investment trust’s stock worth $455,000 after buying an additional 602 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Public Storage in the 1st quarter worth approximately $35,178,000. 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.