Public Storage (NYSE:PSA) Price Target Cut to $333.00 by Analysts at Scotiabank

Public Storage (NYSE:PSA) had its price objective decreased by analysts at Scotiabank from $338.00 to $333.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price target would indicate a potential upside of 9.00% from the company’s previous close.

Several other equities research analysts also recently weighed in on PSA. Royal Bank of Canada cut their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Barclays dropped their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and upped their price objective for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial lifted their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company lowered their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $340.23.

Public Storage Stock Performance

Shares of PSA traded down $0.55 during trading hours on Wednesday, reaching $305.50. 70,922 shares of the company traded hands, compared to its average volume of 685,037. The stock has a market capitalization of $53.59 billion, a P/E ratio of 31.72, a P/E/G ratio of 4.91 and a beta of 0.74. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The business has a fifty day moving average price of $298.63 and a 200-day moving average price of $325.04. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Public Storage

A number of institutional investors and hedge funds have recently made changes to their positions in PSA. Norges Bank acquired a new position in Public Storage during the 4th quarter worth about $931,286,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Public Storage by 732.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after buying an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC boosted its position in Public Storage by 389.9% in the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after buying an additional 1,164,630 shares during the period. FMR LLC increased its position in shares of Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after acquiring an additional 869,066 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Public Storage by 43.4% in the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after acquiring an additional 749,913 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

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.