Public Storage (NYSE:PSA) Price Target Lowered to $380.00 at Barclays

Public Storage (NYSE:PSA) had its price target cut by Barclays from $381.00 to $380.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other equities analysts have also commented on the company. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research note on Thursday, August 1st. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday, August 5th. Royal Bank of Canada dropped their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Jefferies Financial Group boosted their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Trading Up 1.0 %

Public Storage stock opened at $335.01 on Tuesday. 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 business’s 50-day simple moving average is $346.21 and its 200-day simple moving average is $313.38. The firm has a market capitalization of $58.66 billion, a PE ratio of 34.79, a PEG ratio of 5.57 and a beta of 0.70. Public Storage has a 52 week low of $251.49 and a 52 week high of $369.99.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.58%. Public Storage’s dividend payout ratio is currently 124.61%.

Institutional Investors Weigh In On Public Storage

Large investors have recently modified their holdings of the stock. Centersquare Investment Management LLC grew its stake in shares of Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of Public Storage in the 2nd quarter worth approximately $14,301,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Public Storage by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after acquiring an additional 2,605 shares in the last quarter. PGGM Investments boosted its holdings in shares of Public Storage by 8.0% in the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after acquiring an additional 12,396 shares in the last quarter. Finally, Swedbank AB acquired a new position in shares of Public Storage in the 1st quarter worth approximately $17,465,000. 78.79% of the stock is currently owned by 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.