Truist Financial Lowers Public Storage (NYSE:PSA) Price Target to $310.00

Public Storage (NYSE:PSA) had its price target lowered by equities researchers at Truist Financial from $316.00 to $310.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s target price points to a potential upside of 3.32% from the stock’s current price.

Several other analysts have also commented on PSA. Scotiabank decreased their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and boosted their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company decreased their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Finally, Barclays reiterated an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $337.38.

Public Storage Stock Performance

NYSE PSA traded down $0.37 during trading on Tuesday, hitting $300.04. The company’s stock had a trading volume of 19,055 shares, compared to its average volume of 706,706. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a 50 day moving average price of $299.89 and a 200 day moving average price of $323.18. The firm has a market cap of $52.63 billion, a P/E ratio of 31.16, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99.

Hedge Funds Weigh In On Public Storage

Institutional investors have recently modified their holdings of the stock. Quent Capital LLC grew its position in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 50 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Public Storage during the 3rd quarter worth about $34,000. Ameriflex Group Inc. acquired a new position in shares of Public Storage during the 4th quarter worth about $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage during the 4th quarter worth about $32,000. Finally, Synergy Asset Management LLC acquired a new position in shares of Public Storage during the 4th quarter worth about $38,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

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.