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

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

A number of other research analysts also recently issued reports on PSA. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Barclays raised their target price on Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Citigroup upped their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Jefferies Financial Group boosted their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $340.71.

Public Storage Price Performance

Shares of NYSE:PSA opened at $340.60 on Tuesday. Public Storage has a twelve month low of $241.60 and a twelve month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap of $59.61 billion, a PE ratio of 35.37, a price-to-earnings-growth ratio of 4.56 and a beta of 0.70. The company’s 50 day moving average is $347.51 and its 200 day moving average is $310.54.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio is presently 124.61%.

Institutional Investors Weigh In On Public Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arjuna Capital purchased a new position in shares of Public Storage in the third quarter worth about $4,781,000. Oppenheimer & Co. Inc. boosted its holdings in shares of Public Storage by 13.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 9,308 shares of the real estate investment trust’s stock worth $3,387,000 after purchasing an additional 1,091 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Public Storage by 31.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 7,360 shares of the real estate investment trust’s stock valued at $2,678,000 after purchasing an additional 1,782 shares in the last quarter. Saturna Capital Corp increased its holdings in shares of Public Storage by 3.2% in the third quarter. Saturna Capital Corp now owns 6,542 shares of the real estate investment trust’s stock valued at $2,380,000 after purchasing an additional 204 shares during the last quarter. Finally, Mengis Capital Management Inc. acquired a new position in Public Storage during the third quarter worth $201,000. 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.