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

Public Storage (NYSE:PSA) had its price target lowered by Royal Bank of Canada from $342.00 to $329.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.

Other research analysts also recently issued research reports about the company. Truist Financial increased their target price on 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 lowered their target price 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 raised Public Storage from a “sell” rating to a “hold” rating and increased their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Barclays decreased their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Seven investment 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $340.69.

Public Storage Stock Down 0.7 %

PSA stock opened at $303.46 on Wednesday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The business’s 50-day moving average is $298.29 and its two-hundred day moving average is $325.09. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $53.14 billion, a price-to-earnings ratio of 31.51, a P/E/G ratio of 4.91 and a beta of 0.74.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.95%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the sale, the insider now owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Public Storage

Several institutional investors have recently added to or reduced their stakes in PSA. Norges Bank purchased a new position in Public Storage during the 4th quarter valued at approximately $931,286,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Public Storage by 732.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after buying an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC grew its holdings in Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after buying an additional 1,164,630 shares in the last quarter. FMR LLC grew its holdings in Public Storage by 20.9% during the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after buying an additional 869,066 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Public Storage by 43.4% during the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after buying an additional 749,913 shares in the last quarter. 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.