Barclays Lowers Public Storage (NYSE:PSA) Price Target to $361.00

Public Storage (NYSE:PSA) had its price objective cut by Barclays from $380.00 to $361.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Several other equities analysts have also weighed in on PSA. Truist Financial lifted their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Wells Fargo & Company reduced their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Morgan Stanley increased their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group raised their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Public Storage Trading Up 0.2 %

Shares of PSA stock opened at $290.44 on Monday. 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 fifty-two week low of $256.31 and a fifty-two week high of $369.99. The firm’s 50 day moving average price is $319.23 and its two-hundred day moving average price is $325.70. The stock has a market cap of $50.86 billion, a price-to-earnings ratio of 30.16, a price-to-earnings-growth ratio of 4.65 and a beta of 0.74.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $3.00 dividend. The ex-dividend date was Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.13%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Insider Buying and Selling

In other news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.10% of the company’s stock.

Hedge Funds Weigh In On Public Storage

Hedge funds have recently added to or reduced their stakes in the business. Premier Path Wealth Partners LLC raised its holdings in shares of Public Storage by 3.4% during the fourth quarter. Premier Path Wealth Partners LLC now owns 1,221 shares of the real estate investment trust’s stock worth $366,000 after purchasing an additional 40 shares during the period. Brooklyn Investment Group grew its position in shares of Public Storage by 3.4% during the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after buying an additional 38 shares during the last quarter. Whitener Capital Management Inc. raised its stake in Public Storage by 3.4% during the fourth quarter. Whitener Capital Management Inc. now owns 1,485 shares of the real estate investment trust’s stock worth $445,000 after acquiring an additional 49 shares during the period. Merit Financial Group LLC lifted its holdings in Public Storage by 104.3% in the fourth quarter. Merit Financial Group LLC now owns 8,367 shares of the real estate investment trust’s stock worth $2,505,000 after acquiring an additional 4,272 shares during the last quarter. Finally, First National Bank of Mount Dora Trust Investment Services boosted its stake in Public Storage by 1.3% in the fourth quarter. First National Bank of Mount Dora Trust Investment Services now owns 12,286 shares of the real estate investment trust’s stock valued at $3,679,000 after acquiring an additional 153 shares during the period. 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.