Public Storage (NYSE:PSA) Price Target Cut to $310.00 by Analysts at Truist Financial

Public Storage (NYSE:PSA) had its target price reduced by Truist Financial from $316.00 to $310.00 in a report issued on Tuesday morning,Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

A number of other analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the company from $298.00 to $299.00 in a research report on Friday, January 10th. 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 research report on Friday, February 21st. Royal Bank of Canada lowered their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Barclays reissued an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Scotiabank lowered their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $337.38.

Public Storage Stock Performance

PSA opened at $298.27 on Tuesday. The business’s 50-day moving average price is $299.89 and its two-hundred day moving average price is $322.86. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a market capitalization of $52.32 billion, a price-to-earnings ratio of 30.97, a P/E/G ratio of 4.91 and a beta of 0.73. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.02%. Public Storage’s payout ratio is 112.89%.

Institutional Trading of Public Storage

A number of institutional investors and hedge funds have recently bought and sold shares of PSA. Quent Capital LLC increased its holdings in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Ameriflex Group Inc. bought a new stake in Public Storage during the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL bought a new stake in Public Storage during the fourth quarter valued at $32,000. Prospera Private Wealth LLC bought a new stake in Public Storage during the third quarter valued at $34,000. Finally, Synergy Asset Management LLC bought a new stake in Public Storage during the fourth quarter valued at $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.