Public Storage (NYSE:PSA) Price Target Cut to $361.00 by Analysts at Barclays

Public Storage (NYSE:PSA - Get Free Report) had its price objective dropped by investment analysts at Barclays from $380.00 to $361.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the real estate investment trust's stock. Barclays's price target indicates a potential upside of 24.48% from the stock's current price.

Several other brokerages also recently weighed in on PSA. Royal Bank of Canada cut their target price on shares of Public Storage from $358.00 to $344.00 and set a "sector perform" rating on the stock in a research note on Friday, November 8th. Morgan Stanley boosted their price target on Public Storage from $293.00 to $315.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 2nd. Evercore ISI cut their target price on Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a research note on Monday, October 14th. Truist Financial raised their target price 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. Finally, Jefferies Financial Group raised their price target on shares of Public Storage from $360.00 to $422.00 and gave the stock a "buy" rating in a research note on Wednesday, September 18th. 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 stock. According to data from MarketBeat, Public Storage presently has an average rating of "Moderate Buy" and a consensus target price of $344.54.

Public Storage Stock Performance

Shares of NYSE PSA traded up $1.01 during mid-day trading on Monday, hitting $290.00. The stock had a trading volume of 709,477 shares, compared to its average volume of 680,150. The company has a 50 day moving average of $321.09 and a two-hundred day moving average of $325.66. The firm has a market cap of $50.78 billion, a PE ratio of 30.11, a PEG ratio of 5.29 and a beta of 0.74. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99.

Insider Activity at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Public Storage

A number of institutional investors and hedge funds have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust's stock valued at $561,763,000 after purchasing an additional 1,358,493 shares during the last quarter. Adelante Capital Management LLC grew its position in Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust's stock worth $532,465,000 after purchasing an additional 1,164,630 shares during the last quarter. FMR LLC raised its stake in shares of Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock worth $1,828,763,000 after purchasing an additional 869,066 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in Public Storage by 57.3% in the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust's stock valued at $405,278,000 after purchasing an additional 405,847 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Public Storage by 116.7% in the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust's stock valued at $111,077,000 after acquiring an additional 208,546 shares during the period. Institutional investors own 78.79% of the company's stock.

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.