Truist Financial Cuts Public Storage (NYSE:PSA) Price Target to $310.00

Public Storage (NYSE:PSA) had its target price trimmed by Truist Financial from $316.00 to $310.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.

PSA has been the subject of a number of other research reports. Barclays reaffirmed an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and increased their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Scotiabank lowered their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company cut their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Finally, Royal Bank of Canada decreased their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $338.00.

Public Storage Stock Performance

PSA opened at $296.12 on Tuesday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $51.94 billion, a price-to-earnings ratio of 30.75, a P/E/G ratio of 4.91 and a beta of 0.73. The business’s 50-day moving average price is $299.91 and its two-hundred day moving average price is $322.48. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. Public Storage’s dividend payout ratio is currently 112.89%.

Institutional Investors Weigh In On Public Storage

Hedge funds have recently added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Public Storage by 5.0% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock valued at $16,089,000 after purchasing an additional 2,566 shares during the period. Larson Financial Group LLC raised its holdings in Public Storage by 3,714.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock valued at $666,000 after acquiring an additional 1,783 shares during the period. Capital Investment Advisors LLC lifted its position in Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after acquiring an additional 5,793 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Public Storage by 114.2% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock worth $33,302,000 after acquiring an additional 48,803 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Public Storage by 30.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock worth $40,926,000 after acquiring an additional 31,662 shares during the period. 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.