JPMorgan Chase & Co. Issues Pessimistic Forecast for Public Storage (NYSE:PSA) Stock Price

Public Storage (NYSE:PSA) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $295.00 to $291.00 in a report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 7.94% from the stock’s current price.

A number of other research analysts also recently weighed in on PSA. Scotiabank upped their price objective on shares of Public Storage from $319.00 to $321.00 and gave the stock a “sector outperform” rating in a research report on Monday. Evercore set a $302.00 price target on Public Storage in a research note on Tuesday, February 17th. Truist Financial upped their price target on Public Storage from $315.00 to $317.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Barclays increased their price target on Public Storage from $331.00 to $347.00 and gave the stock an “overweight” rating in a research report on Thursday, March 5th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Public Storage in a report on Monday, March 16th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $306.53.

Public Storage Stock Performance

Shares of PSA traded up $3.82 during trading hours on Monday, hitting $269.60. The stock had a trading volume of 114,052 shares, compared to its average volume of 1,253,814. The firm has a market capitalization of $47.32 billion, a price-to-earnings ratio of 29.94, a PEG ratio of 5.37 and a beta of 0.99. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a 50-day moving average price of $292.15 and a 200 day moving average price of $284.33. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $312.95.

Hedge Funds Weigh In On Public Storage

Several hedge funds and other institutional investors have recently modified their holdings of PSA. First Pacific Financial acquired a new position in Public Storage in the third quarter valued at approximately $26,000. Bayban acquired a new position in shares of Public Storage in the 4th quarter valued at $26,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Public Storage in the 3rd quarter valued at $27,000. Asset Dedication LLC grew its holdings in shares of Public Storage by 111.1% during the 2nd quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 50 shares during the period. Finally, Raiffeisen Bank International AG purchased a new position in shares of Public Storage during the 3rd quarter worth $30,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

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.