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

Public Storage (NYSE:PSA) had its price target cut by Truist Financial from $316.00 to $310.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued reports about the company. Royal Bank of Canada cut their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Scotiabank decreased their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Barclays reiterated an “overweight” rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Finally, Wells Fargo & Company dropped 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 report on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $338.00.

Public Storage Price Performance

Shares of Public Storage stock opened at $296.12 on Tuesday. 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 stock has a market capitalization of $51.94 billion, a price-to-earnings ratio of 30.75, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a 50-day simple moving average of $299.91 and a two-hundred day simple moving average of $322.48.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Institutional Investors Weigh In On Public Storage

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. GSA Capital Partners LLP bought a new position in Public Storage in the 3rd quarter valued at approximately $512,000. OneDigital Investment Advisors LLC grew its holdings in Public Storage by 6.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 1,770 shares of the real estate investment trust’s stock worth $644,000 after acquiring an additional 115 shares during the last quarter. Empowered Funds LLC increased its position in Public Storage by 9.5% in the 3rd quarter. Empowered Funds LLC now owns 2,530 shares of the real estate investment trust’s stock valued at $921,000 after acquiring an additional 220 shares during the period. Natixis Advisors LLC raised its stake in shares of Public Storage by 2.6% during the third quarter. Natixis Advisors LLC now owns 62,958 shares of the real estate investment trust’s stock valued at $22,908,000 after acquiring an additional 1,578 shares during the last quarter. Finally, Claro Advisors LLC acquired a new position in shares of Public Storage during the third quarter worth $227,000. Institutional investors own 78.79% of the company’s stock.

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.