Royal Bank of Canada Lowers Public Storage (NYSE:PSA) Price Target to $329.00

Public Storage (NYSE:PSA) had its target price lowered by investment analysts at Royal Bank of Canada from $342.00 to $329.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target suggests a potential upside of 7.69% from the stock’s current price.

Several other equities research analysts also recently commented on the company. Wells Fargo & Company reduced their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Barclays decreased their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Truist Financial lifted their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $340.69.

Public Storage Stock Performance

Shares of PSA opened at $305.50 on Wednesday. The company has a market cap of $53.50 billion, a price-to-earnings ratio of 31.72, a P/E/G ratio of 4.91 and a beta of 0.74. The business’s fifty day simple moving average is $298.17 and its two-hundred day simple moving average is $325.17. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Public Storage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC boosted its position in shares of Public Storage by 13.3% in the third quarter. Private Advisor Group LLC now owns 5,849 shares of the real estate investment trust’s stock worth $2,128,000 after purchasing an additional 688 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Public Storage by 12.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,709 shares of the real estate investment trust’s stock valued at $1,713,000 after buying an additional 535 shares in the last quarter. Pallas Capital Advisors LLC boosted its holdings in Public Storage by 58.1% in the 3rd quarter. Pallas Capital Advisors LLC now owns 1,404 shares of the real estate investment trust’s stock worth $475,000 after buying an additional 516 shares during the period. Integrated Advisors Network LLC increased its stake in Public Storage by 3.9% in the 3rd quarter. Integrated Advisors Network LLC now owns 3,026 shares of the real estate investment trust’s stock worth $1,101,000 after buying an additional 114 shares in the last quarter. Finally, GW Henssler & Associates Ltd. bought a new stake in Public Storage during the third quarter valued at about $223,000. 78.79% of the stock is owned by hedge funds and other 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.