Royal Bank of Canada Issues Pessimistic Forecast for Public Storage (NYSE:PSA) Stock Price

Public Storage (NYSE:PSA - Free Report) had its price objective decreased by Royal Bank of Canada from $358.00 to $344.00 in a research report sent to investors on Friday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the real estate investment trust's stock.

A number of other brokerages have also commented on PSA. Bank of America lowered Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Wells Fargo & Company decreased their target price on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a research report on Tuesday. Barclays increased their price target on Public Storage from $374.00 to $381.00 and gave the stock an "overweight" rating in a research report on Monday, October 28th. Evercore ISI dropped their price objective on Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a report on Monday, October 14th. Finally, Scotiabank increased their target price on Public Storage from $308.00 to $339.00 and gave the stock a "sector perform" rating in a report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and a consensus price target of $339.71.

Public Storage Stock Performance

Shares of NYSE:PSA traded up $6.29 on Friday, hitting $339.42. The company had a trading volume of 610,523 shares, compared to its average volume of 716,600. The stock has a market cap of $59.44 billion, a price-to-earnings ratio of 35.25, a P/E/G ratio of 4.58 and a beta of 0.70. The stock has a 50 day moving average price of $346.94 and a 200 day moving average price of $311.34. Public Storage has a 1-year low of $241.60 and a 1-year 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.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Friday, December 13th. Public Storage's dividend payout ratio (DPR) is 124.61%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PSA. Petredis Investment Advisors LLC grew its holdings in Public Storage by 0.4% during the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust's stock worth $2,497,000 after acquiring an additional 30 shares during the last quarter. S.A. Mason LLC grew its stake in shares of Public Storage by 3.8% in the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust's stock worth $300,000 after purchasing an additional 30 shares during the last quarter. Haverford Trust Co grew its stake in shares of Public Storage by 0.7% in the third quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust's stock worth $1,558,000 after purchasing an additional 30 shares during the last quarter. Huntington National Bank raised its position in Public Storage by 5.4% during the 3rd quarter. Huntington National Bank now owns 645 shares of the real estate investment trust's stock worth $235,000 after purchasing an additional 33 shares during the last quarter. Finally, Chesapeake Wealth Management lifted its holdings in Public Storage by 2.2% during the 3rd quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust's stock worth $560,000 after buying an additional 33 shares during the period. Institutional investors and hedge funds 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.