Royal Bank of Canada Has Lowered Expectations for Public Storage (NYSE:PSA) Stock Price

Public Storage (NYSE:PSA - Get Free Report) had its price objective lowered by equities researchers at Royal Bank of Canada from $342.00 to $329.00 in a research report issued to clients and investors 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 objective would indicate a potential upside of 8.42% from the stock's current price.

PSA has been the subject of a number of other reports. Truist Financial upped their price objective on Public Storage from $306.00 to $340.00 and gave the stock a "hold" rating in a report on Thursday, December 5th. Wells Fargo & Company dropped their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded 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 dropped their target price on Public Storage from $380.00 to $361.00 and set an "overweight" rating for the company in a report on Monday, January 13th. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $340.69.

Public Storage Price Performance

Shares of PSA traded down $2.24 during midday trading on Wednesday, reaching $303.46. The stock had a trading volume of 1,074,727 shares, compared to its average volume of 682,049. The company's 50-day moving average is $298.29 and its 200 day moving average is $325.15. 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 capitalization of $53.14 billion, a price-to-earnings ratio of 31.51, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74.

Insider Transactions at Public Storage

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Quent Capital LLC raised its position in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 50 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Public Storage during the 3rd quarter valued at approximately $34,000. Ameriflex Group Inc. bought a new position in Public Storage during the 4th quarter valued at approximately $30,000. Ashton Thomas Securities LLC bought a new position in Public Storage during the 3rd quarter valued at approximately $38,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in Public Storage during the 4th quarter valued at approximately $32,000. 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.