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

Public Storage (NYSE:PSA) had its price target decreased by Royal Bank of Canada from $342.00 to $329.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 8.20% from the stock’s previous close.

Several other analysts have also recently weighed in on the stock. Truist Financial lifted their price target 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 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 shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Barclays dropped their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $340.69.

Public Storage Price Performance

Shares of NYSE PSA traded down $4.52 during midday trading on Wednesday, hitting $304.08. 312,353 shares of the company’s stock were exchanged, compared to its average volume of 651,712. The business’s fifty day moving average price is $297.76 and its two-hundred day moving average price is $325.45. Public Storage has a 12-month low of $256.31 and a 12-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 $53.25 billion, a price-to-earnings ratio of 31.58, a PEG ratio of 4.91 and a beta of 0.74.

Insider Activity at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 11.00% of the company’s stock.

Institutional Trading of Public Storage

Institutional investors have recently modified their holdings of the company. Quent Capital LLC grew its stake in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Ameriflex Group Inc. purchased a new position in Public Storage during the 4th quarter valued at about $30,000. Strategic Investment Solutions Inc. IL purchased a new stake in Public Storage in the 4th quarter worth approximately $32,000. Prospera Private Wealth LLC acquired a new stake in Public Storage during the third quarter valued at $34,000. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Public Storage in the 3rd quarter valued at approximately $38,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

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.