Public Storage (NYSE:PSA) Price Target Cut to $365.00 by Analysts at Wells Fargo & Company

Public Storage (NYSE:PSA) had its price objective decreased by Wells Fargo & Company from $375.00 to $365.00 in a research report released on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

Several other analysts also recently issued reports on PSA. Citigroup raised their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Morgan Stanley lifted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Evercore ISI dropped their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Finally, Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and an average price target of $340.71.

Public Storage Stock Up 2.4 %

NYSE PSA opened at $340.60 on Tuesday. Public Storage has a 52 week low of $241.60 and a 52 week high of $369.99. The firm has a market capitalization of $59.61 billion, a price-to-earnings ratio of 35.37, a PEG ratio of 4.56 and a beta of 0.70. 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 company has a fifty day moving average of $347.51 and a two-hundred day moving average of $310.54.

Public Storage Dividend Announcement

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 paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.52%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Hedge Funds Weigh In On Public Storage

Several institutional investors and hedge funds have recently bought and sold shares of PSA. Janney Montgomery Scott LLC grew its stake in Public Storage by 33.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 33,679 shares of the real estate investment trust’s stock worth $9,769,000 after buying an additional 8,391 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Public Storage by 91.7% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 692 shares of the real estate investment trust’s stock worth $201,000 after acquiring an additional 331 shares during the last quarter. Larson Financial Group LLC increased its holdings in shares of Public Storage by 138.1% during the first quarter. Larson Financial Group LLC now owns 688 shares of the real estate investment trust’s stock valued at $200,000 after acquiring an additional 399 shares in the last quarter. Oxbow Advisors LLC raised its position in shares of Public Storage by 24.3% in the 1st quarter. Oxbow Advisors LLC now owns 1,197 shares of the real estate investment trust’s stock valued at $347,000 after purchasing an additional 234 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in Public Storage by 5.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,563 shares of the real estate investment trust’s stock worth $1,324,000 after purchasing an additional 246 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

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.