Wells Fargo & Company Issues Pessimistic Forecast for Public Storage (NYSE:PSA) Stock Price

Public Storage (NYSE:PSA) had its target price decreased by investment analysts at Wells Fargo & Company from $375.00 to $365.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target points to a potential upside of 12.20% from the stock’s current price.

PSA has been the subject of a number of other research reports. Royal Bank of Canada initiated coverage on shares of Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price for the company. Barclays increased their price objective on shares of Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Morgan Stanley boosted their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a report on Thursday, August 1st. Finally, Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $340.71.

Public Storage Trading Down 4.5 %

PSA stock opened at $325.31 on Tuesday. Public Storage has a 12-month low of $241.60 and a 12-month high of $369.99. The business’s 50-day moving average is $347.20 and its 200 day moving average is $310.65. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $56.94 billion, a price-to-earnings ratio of 33.78, a PEG ratio of 4.69 and a beta of 0.70.

Institutional Investors Weigh In On Public Storage

Several institutional investors and hedge funds have recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in Public Storage in the 3rd quarter valued at about $38,000. OFI Invest Asset Management acquired a new position in shares of Public Storage in the second quarter valued at approximately $32,000. Opal Wealth Advisors LLC purchased a new stake in Public Storage during the 2nd quarter worth approximately $36,000. Crewe Advisors LLC acquired a new stake in Public Storage during the 1st quarter worth approximately $39,000. Finally, EdgeRock Capital LLC acquired a new stake in Public Storage during the 2nd quarter worth approximately $39,000. Hedge funds and other institutional investors 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.