Barclays Has Lowered Expectations for Public Storage (NYSE:PSA) Stock Price

Public Storage (NYSE:PSA) had its price objective cut by equities research analysts at Barclays from $381.00 to $380.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s price target suggests a potential upside of 13.60% from the stock’s previous close.

Several other equities analysts have also weighed in on PSA. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research report on Monday, August 5th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Citigroup boosted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Stock Down 0.7 %

Shares of NYSE PSA traded down $2.38 during mid-day trading on Tuesday, reaching $334.52. The company had a trading volume of 163,046 shares, compared to its average volume of 714,228. The stock has a market capitalization of $58.58 billion, a PE ratio of 34.67, a price-to-earnings-growth ratio of 4.78 and a beta of 0.70. Public Storage has a twelve month low of $241.60 and a twelve month high of $369.99. 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 stock’s 50 day moving average is $346.80 and its 200-day moving average is $312.59.

Hedge Funds Weigh In On Public Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in PSA. OFI Invest Asset Management bought a new stake in shares of Public Storage during the second quarter worth $32,000. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage during the third quarter worth $34,000. Opal Wealth Advisors LLC bought a new stake in Public Storage in the second quarter valued at about $36,000. Ashton Thomas Securities LLC acquired a new position in Public Storage in the third quarter valued at about $38,000. Finally, Crewe Advisors LLC bought a new position in Public Storage during the first quarter worth about $39,000. 78.79% of the stock is owned by institutional investors.

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.