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

Public Storage (NYSE:PSA) had its price target decreased by analysts at Royal Bank of Canada from $342.00 to $329.00 in a note issued to investors 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 objective suggests a potential upside of 8.20% from the stock’s current price.

A number of other brokerages have also commented on PSA. Wells Fargo & Company cut their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Barclays reduced their target price 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. Finally, Truist Financial increased their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Seven investment 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $340.69.

Public Storage Trading Down 1.5 %

PSA stock traded down $4.52 during trading on Wednesday, hitting $304.08. The company had a trading volume of 312,353 shares, compared to its average volume of 651,712. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The stock has a market cap of $53.25 billion, a price-to-earnings ratio of 31.58, a PEG ratio of 4.91 and a beta of 0.74. The firm has a 50-day moving average price of $297.76 and a 200-day moving average price of $325.45.

Insider Buying and Selling

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 completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 11.00% of the stock is owned by corporate insiders.

Institutional Trading of Public Storage

Large investors have recently made changes to their positions in the company. Integrated Advisors Network LLC boosted its position in Public Storage by 1.4% in the 4th quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust’s stock valued at $918,000 after buying an additional 41 shares during the period. Ameriflex Group Inc. purchased a new position in Public Storage during the 4th quarter valued at about $30,000. Ascent Group LLC boosted its stake in shares of Public Storage by 36.2% during the fourth quarter. Ascent Group LLC now owns 870 shares of the real estate investment trust’s stock valued at $261,000 after acquiring an additional 231 shares during the last quarter. Putney Financial Group LLC purchased a new position in Public Storage during the fourth quarter worth approximately $119,000. Finally, Mackenzie Financial Corp boosted its stake in shares of Public Storage by 37.2% in the fourth quarter. Mackenzie Financial Corp now owns 73,292 shares of the real estate investment trust’s stock valued at $21,947,000 after purchasing an additional 19,870 shares during the period. 78.79% of the stock is currently 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.