Scotiabank Issues Positive Forecast for Public Storage (NYSE:PSA) Stock Price

Public Storage (NYSE:PSA) had its price objective increased by investment analysts at Scotiabank from $300.00 to $319.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price target points to a potential upside of 2.46% from the stock’s current price.

Several other equities analysts have also issued reports on the stock. BMO Capital Markets cut their price objective on shares of Public Storage from $320.00 to $305.00 and set a “market perform” rating on the stock in a report on Monday, December 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $330.00 target price on shares of Public Storage in a research report on Friday, February 20th. Mizuho reduced their price target on Public Storage from $310.00 to $285.00 and set a “neutral” rating for the company in a research report on Friday, December 5th. Wall Street Zen cut Public Storage from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $301.00 target price (down from $316.00) on shares of Public Storage in a research note on Thursday, December 18th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, Public Storage currently has an average rating of “Hold” and an average target price of $306.13.

Public Storage Stock Up 1.4%

NYSE PSA traded up $4.27 during trading on Monday, reaching $311.33. 520,392 shares of the company’s stock traded hands, compared to its average volume of 1,210,382. Public Storage has a 12-month low of $256.54 and a 12-month high of $322.49. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market cap of $54.64 billion, a price-to-earnings ratio of 34.55, a price-to-earnings-growth ratio of 6.22 and a beta of 0.99. The company’s 50 day simple moving average is $282.18 and its two-hundred day simple moving average is $283.50.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. First Pacific Financial purchased a new stake in shares of Public Storage during the third quarter valued at $26,000. Harvest Fund Management Co. Ltd acquired a new stake in Public Storage during the 3rd quarter worth about $27,000. Asset Dedication LLC grew its stake in Public Storage by 111.1% during the 2nd quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 50 shares during the last quarter. Raiffeisen Bank International AG purchased a new stake in Public Storage during the 3rd quarter valued at about $30,000. Finally, NewSquare Capital LLC increased its holdings in shares of Public Storage by 60.6% in the second quarter. NewSquare Capital LLC now owns 106 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 40 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.