Public Storage (NYSE:PSA) Price Target Raised to $319.00

Public Storage (NYSE:PSA) had its price target boosted by investment analysts at Scotiabank from $300.00 to $319.00 in a research note issued 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.

Other equities research analysts have also issued reports about the stock. Raymond James Financial lowered their price target on shares of Public Storage from $350.00 to $330.00 and set a “strong-buy” rating on the stock in a report on Tuesday, November 18th. Truist Financial boosted their price objective on Public Storage from $315.00 to $317.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Evercore set a $302.00 target price on Public Storage in a research note on Tuesday, February 17th. Wells Fargo & Company cut Public Storage from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $330.00 to $295.00 in a research report on Thursday, February 5th. Finally, Wall Street Zen downgraded Public Storage from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, Public Storage has an average rating of “Hold” and a consensus price target of $306.13.

Public Storage Stock Performance

Shares of PSA stock traded up $4.27 during trading hours on Monday, hitting $311.33. The company’s stock had a trading volume of 520,392 shares, compared to its average volume of 1,210,382. The company has a 50 day moving average of $282.18 and a 200 day moving average of $283.50. The stock has a market cap of $54.64 billion, a PE ratio of 34.55, a price-to-earnings-growth ratio of 6.22 and a beta of 0.99. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 2.05. Public Storage has a 12-month low of $256.54 and a 12-month high of $322.49.

Institutional Investors Weigh In On Public Storage

A number of institutional investors have recently added to or reduced their stakes in PSA. Tobam raised its position in Public Storage by 1,706.1% during the fourth quarter. Tobam now owns 2,980 shares of the real estate investment trust’s stock worth $773,000 after acquiring an additional 2,815 shares during the period. MidFirst Bank purchased a new stake in shares of Public Storage during the fourth quarter worth about $413,000. Astoria Portfolio Advisors LLC. increased its stake in shares of Public Storage by 12.1% during the fourth quarter. Astoria Portfolio Advisors LLC. now owns 822 shares of the real estate investment trust’s stock worth $213,000 after purchasing an additional 89 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Public Storage by 4.1% during the 4th quarter. Pacer Advisors Inc. now owns 76,832 shares of the real estate investment trust’s stock worth $19,938,000 after purchasing an additional 2,999 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Public Storage in the 4th quarter valued at about $2,188,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Company Profile

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.