Royal Bank of Canada Lowers Public Storage (NYSE:PSA) Price Target to $344.00

Public Storage (NYSE:PSA) had its price objective cut by Royal Bank of Canada from $358.00 to $344.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s target price indicates a potential upside of 1.17% from the company’s previous close.

Several other research analysts have also weighed in on the company. Morgan Stanley increased their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. Evercore ISI decreased their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Citigroup boosted their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company decreased their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $339.71.

Public Storage Price Performance

Shares of PSA traded up $6.88 during trading hours on Friday, hitting $340.01. 226,069 shares of the stock were exchanged, compared to its average volume of 714,826. Public Storage has a 12-month low of $241.60 and a 12-month high of $369.99. The company has a market cap of $59.54 billion, a price-to-earnings ratio of 35.22, a price-to-earnings-growth ratio of 4.58 and a beta of 0.70. The stock’s 50-day moving average price is $347.20 and its two-hundred day moving average price is $310.65. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Hedge Funds Weigh In On Public Storage

Several large investors have recently added to or reduced their stakes in PSA. Vanguard Group Inc. raised its stake in shares of Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after buying an additional 219,391 shares in the last quarter. APG Asset Management US Inc. increased its holdings in Public Storage by 4.8% during the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after purchasing an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Public Storage by 8.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after acquiring an additional 95,080 shares during the last quarter. Finally, Centersquare Investment Management LLC grew its position in Public Storage by 17.2% in the first 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 in the last quarter. Institutional investors and hedge funds 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.