Public Storage (NYSE:PSA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Public Storage (NYSE:PSA) from a sell rating to a hold rating in a research note published on Saturday.

Other analysts have also issued research reports about the stock. The Goldman Sachs Group reissued a “buy” rating and issued a $330.00 price target on shares of Public Storage in a research report on Friday, February 20th. BNP Paribas Exane lowered their target price on shares of Public Storage from $329.00 to $315.00 in a report on Tuesday, December 23rd. Truist Financial increased their target price on Public Storage from $315.00 to $317.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Morgan Stanley assumed coverage on Public Storage in a report on Friday, December 5th. They issued an “equal weight” rating and a $290.00 price target for the company. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Public Storage in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $306.53.

Public Storage Trading Up 2.1%

Shares of PSA opened at $271.26 on Friday. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $312.95. The business has a 50-day moving average of $291.99 and a 200 day moving average of $284.18. The firm has a market cap of $47.61 billion, a P/E ratio of 30.07, a price-to-earnings-growth ratio of 5.37 and a beta of 0.99. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Monday, March 16th. Public Storage’s payout ratio is currently 133.04%.

Hedge Funds Weigh In On Public Storage

A number of hedge funds and other institutional investors have recently modified their holdings of PSA. First Pacific Financial bought a new stake in Public Storage in the 3rd quarter worth approximately $26,000. Harvest Fund Management Co. Ltd bought a new position in Public Storage during the third quarter valued at approximately $27,000. Asset Dedication LLC grew its position in Public Storage by 111.1% during the second quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 50 shares during the last quarter. Bayban bought a new stake in shares of Public Storage in the 4th quarter worth approximately $26,000. Finally, Raiffeisen Bank International AG purchased a new stake in shares of Public Storage in the 3rd quarter valued at $30,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

About Public Storage

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.