Public Storage (NYSE:PSA) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of Public Storage (NYSE:PSA) from a hold rating to a buy rating in a research note published on Thursday, Marketbeat.com reports. Truist Financial currently has $310.00 price target on the real estate investment trust’s stock.

PSA has been the topic of a number of other reports. Wells Fargo & Company lowered 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 note on Friday, February 21st. Mizuho assumed coverage on shares of Public Storage in a research report on Wednesday. They set a “neutral” rating and a $287.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Barclays restated an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $332.08.

Public Storage Price Performance

Shares of NYSE PSA opened at $278.24 on Thursday. The stock’s 50-day simple moving average is $297.42 and its two-hundred day simple moving average is $314.46. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The firm has a market capitalization of $48.81 billion, a P/E ratio of 28.89, a P/E/G ratio of 4.91 and a beta of 0.76. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.31%. Public Storage’s payout ratio is currently 112.89%.

Hedge Funds Weigh In On Public Storage

Hedge funds have recently modified their holdings of the company. Quent Capital LLC grew its stake in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in Public Storage in the 4th quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Public Storage in the 4th quarter worth approximately $32,000. Synergy Asset Management LLC purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. Finally, Millstone Evans Group LLC bought a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. Hedge funds and other 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.