Public Storage (NYSE:PSA) Price Target Cut to $333.00 by Analysts at Scotiabank

Public Storage (NYSE:PSA) had its target price reduced by Scotiabank from $338.00 to $333.00 in a report released on Wednesday,Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Other analysts also recently issued reports about the company. Wells Fargo & Company decreased their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Royal Bank of Canada dropped their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Truist Financial lifted their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Barclays dropped their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Seven research 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 MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $340.23.

Public Storage Stock Performance

Public Storage stock opened at $311.58 on Wednesday. The stock has a market cap of $54.66 billion, a price-to-earnings ratio of 32.35, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. The firm has a 50 day simple moving average of $298.85 and a 200-day simple moving average of $324.95. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 3.85%. Public Storage’s dividend payout ratio (DPR) is currently 112.89%.

Insider Activity at Public Storage

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

Institutional Investors Weigh In On Public Storage

Several institutional investors have recently modified their holdings of the business. Quent Capital LLC boosted its stake in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 50 shares during the last quarter. Ameriflex Group Inc. bought a new stake in shares of Public Storage in the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage during the 4th quarter worth about $32,000. Prospera Private Wealth LLC bought a new position in Public Storage in the third quarter valued at approximately $34,000. Finally, Ashton Thomas Securities LLC bought a new position in shares of Public Storage in the third quarter valued at $38,000. 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.