Public Storage (NYSE:PSA) Price Target Lowered to $329.00 at Royal Bank of Canada

Public Storage (NYSE:PSA) had its price target cut by Royal Bank of Canada from $342.00 to $329.00 in a research report report published on Wednesday,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and boosted their price target for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Barclays cut their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Truist Financial boosted their price target on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company cut their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $340.69.

Public Storage Stock Down 1.3 %

PSA opened at $304.45 on Wednesday. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company has a market cap of $53.31 billion, a price-to-earnings ratio of 31.61, a PEG ratio of 4.91 and a beta of 0.74. The business’s fifty day moving average is $297.85 and its two-hundred day moving average is $325.31. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Public Storage

A number of institutional investors have recently added to or reduced their stakes in the company. S.A. Mason LLC grew its position in Public Storage by 3.8% during the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock valued at $300,000 after acquiring an additional 30 shares during the period. Haverford Trust Co grew its position in Public Storage by 0.7% during the third quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock valued at $1,558,000 after acquiring an additional 30 shares during the period. Huntington National Bank grew its position in Public Storage by 5.4% during the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock valued at $235,000 after acquiring an additional 33 shares during the period. Chesapeake Wealth Management boosted its position in shares of Public Storage by 2.2% in the third 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. Finally, Lindenwold Advisors INC boosted its position in shares of Public Storage by 0.8% in the third quarter. Lindenwold Advisors INC now owns 4,390 shares of the real estate investment trust’s stock worth $1,597,000 after buying an additional 34 shares during the period. Hedge funds and other 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.