Public Storage (NYSE:PSA) Upgraded to "Buy" at Truist Financial

Public Storage (NYSE:PSA - Get Free Report) was upgraded by equities researchers at Truist Financial from a "hold" rating to a "buy" rating in a research note issued to investors on Thursday, Marketbeat reports. The brokerage currently has a $310.00 target price on the real estate investment trust's stock. Truist Financial's price objective points to a potential upside of 7.29% from the company's current price.

Several other research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and increased their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Scotiabank raised shares of Public Storage from a "sector perform" rating to a "sector outperform" rating and cut their price objective for the stock from $333.00 to $305.00 in a research report on Wednesday, April 9th. Mizuho initiated coverage on Public Storage in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 target price for the company. Royal Bank of Canada cut their price target on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 26th. Finally, Barclays reissued an "overweight" rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Public Storage has an average rating of "Moderate Buy" and an average price target of $332.08.

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Public Storage Trading Up 0.1 %

PSA traded up $0.21 during trading on Thursday, hitting $288.94. The company's stock had a trading volume of 203,998 shares, compared to its average volume of 733,819. The firm has a market capitalization of $50.68 billion, a P/E ratio of 30.00, a PEG ratio of 4.91 and a beta of 0.76. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. 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 stock's fifty day moving average price is $296.81 and its 200-day moving average price is $313.14.

Hedge Funds Weigh In On Public Storage

A number of hedge funds and other institutional investors have recently modified their holdings of PSA. Doliver Advisors LP grew its stake in Public Storage by 2.6% in the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust's stock valued at $433,000 after purchasing an additional 36 shares during the period. Brooklyn Investment Group grew its position in Public Storage by 3.4% during the fourth quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust's stock valued at $345,000 after buying an additional 38 shares during the period. Werba Rubin Papier Wealth Management increased its holdings in Public Storage by 1.7% during the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock worth $681,000 after buying an additional 38 shares during the last quarter. Continuum Advisory LLC increased its holdings in Public Storage by 7.6% during the third quarter. Continuum Advisory LLC now owns 549 shares of the real estate investment trust's stock worth $182,000 after buying an additional 39 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its position in Public Storage by 2.4% in the third quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust's stock worth $617,000 after acquiring an additional 39 shares during the period. Hedge funds and other 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.