Wells Fargo & Company Cuts Public Storage (NYSE:PSA) Price Target to $365.00

Public Storage (NYSE:PSA) had its target price decreased by Wells Fargo & Company from $375.00 to $365.00 in a report released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

A number of other research firms have also weighed in on PSA. Royal Bank of Canada initiated coverage on shares of Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective on the stock. Scotiabank increased their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Barclays upped their target price on Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Finally, Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $340.71.

Public Storage Price Performance

Shares of NYSE:PSA opened at $333.09 on Tuesday. Public Storage has a twelve month low of $241.60 and a twelve month high of $369.99. 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 company has a market cap of $58.30 billion, a PE ratio of 34.59, a price-to-earnings-growth ratio of 4.69 and a beta of 0.70. The company’s 50 day moving average is $347.20 and its 200 day moving average is $310.65.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given 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 3.60%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Institutional Trading of Public Storage

Large investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board boosted its position in Public Storage by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after acquiring an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 purchasing an additional 219,391 shares during the last quarter. Vanguard Group Inc. lifted its position in Public Storage by 1.0% during 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 buying an additional 217,487 shares in the last quarter. AQR Capital Management LLC boosted its stake in Public Storage by 116.7% during the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after buying an additional 208,546 shares during the last quarter. Finally, Centersquare Investment Management LLC grew its holdings in 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 buying an additional 173,975 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other 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.