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

Public Storage (NYSE:PSA - Free Report) had its price objective decreased by Truist Financial from $316.00 to $310.00 in a report published on Tuesday morning,Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust's stock.

PSA has been the subject of a number of other research reports. Barclays reissued an "overweight" rating and set a $354.00 target price (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. 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 report on Friday, February 21st. 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 report on Wednesday, March 5th. Royal Bank of Canada decreased 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. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and raised their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and a consensus price target of $338.00.

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Public Storage Stock Performance

Public Storage stock traded down $5.30 during mid-day trading on Tuesday, hitting $291.19. 1,421,680 shares of the company's stock traded hands, compared to its average volume of 679,614. The firm has a 50 day simple moving average of $299.96 and a two-hundred day simple moving average of $321.98. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The stock has a market cap of $51.08 billion, a price-to-earnings ratio of 30.24, 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 company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage's payout ratio is 112.89%.

Institutional Trading of Public Storage

A number of hedge funds have recently made changes to their positions in PSA. GSA Capital Partners LLP acquired a new position in shares of Public Storage in the third quarter worth approximately $512,000. OneDigital Investment Advisors LLC lifted its stake in shares of Public Storage by 6.9% in the third quarter. OneDigital Investment Advisors LLC now owns 1,770 shares of the real estate investment trust's stock worth $644,000 after acquiring an additional 115 shares during the period. Empowered Funds LLC lifted its stake in shares of Public Storage by 9.5% in the third quarter. Empowered Funds LLC now owns 2,530 shares of the real estate investment trust's stock worth $921,000 after acquiring an additional 220 shares during the period. Natixis Advisors LLC lifted its stake in shares of Public Storage by 2.6% in the third quarter. Natixis Advisors LLC now owns 62,958 shares of the real estate investment trust's stock worth $22,908,000 after acquiring an additional 1,578 shares during the period. Finally, Claro Advisors LLC acquired a new position in shares of Public Storage in the third quarter worth approximately $227,000. 78.79% of the stock is owned by institutional investors and hedge funds.

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.