Public Storage (NYSE:PSA) Upgraded by Scotiabank to Sector Outperform Rating

Public Storage (NYSE:PSA - Get Free Report) was upgraded by research analysts at Scotiabank from a "sector perform" rating to a "sector outperform" rating in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has a $305.00 price target on the real estate investment trust's stock, down from their previous price target of $333.00. Scotiabank's price objective suggests a potential upside of 6.31% from the stock's previous close.

A number of other analysts also recently weighed in on the stock. Royal Bank of Canada reduced their target price on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and upped their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial dropped their target price on Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a report on Tuesday, March 18th. Barclays restated an "overweight" rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Wells Fargo & Company dropped their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Six research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued 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 $332.08.

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Public Storage Price Performance

Shares of PSA stock traded up $6.57 on Wednesday, reaching $286.91. The company's stock had a trading volume of 375,546 shares, compared to its average volume of 732,913. The stock's fifty day simple moving average is $297.08 and its 200-day simple moving average is $313.61. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a market capitalization of $50.33 billion, a price-to-earnings ratio of 29.79, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Institutional Trading of Public Storage

Institutional investors and hedge funds have recently modified their holdings of the stock. Park Avenue Securities LLC increased its holdings in Public Storage by 18.9% during the 1st quarter. Park Avenue Securities LLC now owns 3,725 shares of the real estate investment trust's stock worth $1,115,000 after purchasing an additional 592 shares during the period. Miracle Mile Advisors LLC purchased a new position in shares of Public Storage during the first quarter valued at $280,000. Wedmont Private Capital increased its stake in shares of Public Storage by 20.9% during the first quarter. Wedmont Private Capital now owns 874 shares of the real estate investment trust's stock valued at $245,000 after buying an additional 151 shares during the period. UMB Bank n.a. raised its holdings in shares of Public Storage by 6.2% in the first quarter. UMB Bank n.a. now owns 21,552 shares of the real estate investment trust's stock valued at $6,450,000 after acquiring an additional 1,256 shares in the last quarter. Finally, Procyon Advisors LLC lifted its stake in Public Storage by 2.8% in the first quarter. Procyon Advisors LLC now owns 8,590 shares of the real estate investment trust's stock worth $2,571,000 after acquiring an additional 231 shares during the period. 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.