Public Storage (NYSE:PSA) Price Target Cut to $310.00 by Analysts at Truist Financial

Public Storage (NYSE:PSA) had its price objective dropped by equities researchers at Truist Financial from $316.00 to $310.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s target price suggests a potential upside of 3.32% from the stock’s previous close.

Several other brokerages have also weighed in on PSA. Royal Bank of Canada decreased their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Wells Fargo & Company reduced their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Barclays reissued an “overweight” rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and raised their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Scotiabank lowered their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $337.38.

Public Storage Trading Down 0.1 %

Shares of PSA stock traded down $0.37 during mid-day trading on Tuesday, reaching $300.04. The company’s stock had a trading volume of 19,055 shares, compared to its average volume of 706,706. The company’s 50 day simple moving average is $299.89 and its 200-day simple moving average is $323.18. The firm has a market capitalization of $52.63 billion, a PE ratio of 31.16, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Hedge Funds Weigh In On Public Storage

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quent Capital LLC boosted its position in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Public Storage in the 3rd quarter valued at $34,000. Ameriflex Group Inc. acquired a new stake in Public Storage during the 4th quarter worth about $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in Public Storage during the 4th quarter worth about $32,000. Finally, Synergy Asset Management LLC acquired a new stake in Public Storage during the 4th quarter worth about $38,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Company Profile

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.