Public Storage (NYSE:PSA) Price Target Raised to $322.00 at Morgan Stanley

Public Storage (NYSE:PSA) had its target price raised by Morgan Stanley from $311.00 to $322.00 in a report published on Wednesday morning, Price Targets.com reports. Morgan Stanley currently has an equal weight rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Public Storage from a buy rating to a hold rating and set a $329.00 price objective on the stock. in a research report on Friday, July 23rd. Truist lifted their target price on shares of Public Storage from $315.00 to $322.00 and gave the stock a buy rating in a research report on Monday, August 16th. They noted that the move was a valuation call. Citigroup lifted their target price on shares of Public Storage from $296.00 to $325.00 and gave the stock a neutral rating in a research report on Thursday, July 1st. Jefferies Financial Group reiterated a neutral rating on shares of Public Storage in a research report on Friday, July 2nd. Finally, Berenberg Bank began coverage on shares of Public Storage in a research report on Thursday, October 7th. They issued a hold rating and a $321.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $314.50.

Public Storage stock opened at $317.32 on Wednesday. The firm’s fifty day moving average price is $313.80 and its 200-day moving average price is $296.38. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market cap of $55.60 billion, a P/E ratio of 43.71, a price-to-earnings-growth ratio of 3.92 and a beta of 0.10. Public Storage has a fifty-two week low of $212.22 and a fifty-two week high of $332.95.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, August 3rd. The real estate investment trust reported $1.97 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.93 by ($0.96). Public Storage had a net margin of 46.87% and a return on equity of 31.12%. During the same quarter in the previous year, the firm posted $1.41 EPS. On average, analysts predict that Public Storage will post 12.35 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 30th. Shareholders of record on Wednesday, September 15th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Tuesday, September 14th. Public Storage’s payout ratio is 75.40%.

In other news, Director John Reyes sold 50,000 shares of Public Storage stock in a transaction dated Monday, August 23rd. The shares were sold at an average price of $321.97, for a total transaction of $16,098,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nathaniel A. Vitan sold 483 shares of Public Storage stock in a transaction dated Thursday, August 12th. The shares were sold at an average price of $314.07, for a total transaction of $151,695.81. The disclosure for this sale can be found here. Insiders sold 54,440 shares of company stock worth $17,531,077 in the last 90 days. Corporate insiders own 10.87% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Public Storage by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 19,935,371 shares of the real estate investment trust’s stock valued at $5,994,366,000 after purchasing an additional 137,018 shares in the last quarter. Cohen & Steers Inc. boosted its stake in shares of Public Storage by 12.8% during the 1st quarter. Cohen & Steers Inc. now owns 11,670,221 shares of the real estate investment trust’s stock valued at $2,879,751,000 after purchasing an additional 1,328,084 shares in the last quarter. State Street Corp boosted its stake in shares of Public Storage by 3.3% during the 2nd quarter. State Street Corp now owns 9,915,515 shares of the real estate investment trust’s stock valued at $2,981,496,000 after purchasing an additional 315,655 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Public Storage by 0.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,450,170 shares of the real estate investment trust’s stock valued at $1,037,433,000 after purchasing an additional 26,558 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Public Storage by 1.2% during the second quarter. Geode Capital Management LLC now owns 3,028,219 shares of the real estate investment trust’s stock worth $908,620,000 after acquiring an additional 37,146 shares in the last quarter. 78.45% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Company Profile

Public Storage operates as a real estate investment trust. The firm engages in acquiring, developing, owning and operating self-storage facilities. It operates through the following segments: Self-storage Operations, Ancillary Operations, Investment in PS Business Parks and Investment in Shurgard. The Self-storage Operations segment reflects the rental operations from all self-storage facilities.

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Analyst Recommendations for Public Storage (NYSE:PSA)

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