Public Storage (NYSE:PSA) Stock Price Expected to Rise, Truist Financial Analyst Says

Public Storage (NYSE:PSA) had its price objective upped by Truist Financial from $306.00 to $340.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s price target would suggest a potential upside of 2.03% from the stock’s current price.

A number of other analysts have also weighed in on PSA. Barclays lowered their target price on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Jefferies Financial Group upped their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Citigroup raised their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Scotiabank lifted their price objective on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $342.07.

Public Storage Price Performance

Shares of PSA traded down $1.38 during mid-day trading on Thursday, reaching $333.23. The company had a trading volume of 123,603 shares, compared to its average volume of 710,249. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $58.35 billion, a P/E ratio of 34.60, a P/E/G ratio of 5.59 and a beta of 0.71. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company’s 50-day moving average is $341.32 and its 200-day moving average is $320.35.

Institutional Trading of Public Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new stake in shares of Public Storage in the 3rd quarter valued at about $34,000. Ashton Thomas Securities LLC bought a new position in Public Storage during the 3rd quarter worth $38,000. OFI Invest Asset Management acquired a new stake in shares of Public Storage during the second quarter worth $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage in the second quarter valued at about $36,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Public Storage in the second quarter valued at about $39,000. 78.79% of the stock is owned by 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.