Barclays Cuts Public Storage (NYSE:PSA) Price Target to $380.00

Public Storage (NYSE:PSA) had its target price trimmed by Barclays from $381.00 to $380.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently issued reports on PSA. Scotiabank increased their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Wells Fargo & Company dropped their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Evercore ISI dropped their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Finally, Royal Bank of Canada cut their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $339.64.

Public Storage Stock Performance

Shares of NYSE PSA opened at $331.68 on Tuesday. The firm has a market capitalization of $58.08 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 5.57 and a beta of 0.70. Public Storage has a one year low of $251.49 and a one year high of $369.99. The business has a fifty day simple moving average of $346.40 and a 200 day simple moving average of $313.25. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio is currently 124.61%.

Hedge Funds Weigh In On Public Storage

A number of institutional investors have recently modified their holdings of the stock. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage in the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage in the 3rd quarter valued at $38,000. OFI Invest Asset Management bought a new stake in shares of Public Storage during the second quarter worth $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage during the second quarter valued at $36,000. Finally, Crewe Advisors LLC acquired a new position in shares of Public Storage during the first quarter valued at $39,000. 78.79% of the stock is owned by institutional investors.

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.