Public Storage (NYSE:PSA) Given New $310.00 Price Target at Truist Financial

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

Several other brokerages also recently commented on PSA. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company lowered their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Scotiabank lowered their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Royal Bank of Canada lowered their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Finally, Barclays reaffirmed an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and an average target price of $337.38.

Public Storage Stock Performance

Shares of PSA opened at $298.27 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 stock has a 50-day moving average of $299.89 and a 200-day moving average of $322.86. The company has a market cap of $52.32 billion, a PE ratio of 30.97, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.02%. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. State Street Corp grew its stake in shares of Public Storage by 0.5% during the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock worth $3,773,571,000 after acquiring an additional 55,123 shares during the period. Cohen & Steers Inc. boosted its stake in Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after purchasing an additional 592,944 shares during the period. FMR LLC boosted its stake in Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after purchasing an additional 869,066 shares during the period. Geode Capital Management LLC boosted its stake in Public Storage by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock worth $1,197,769,000 after purchasing an additional 78,472 shares during the period. Finally, Norges Bank bought a new position in Public Storage in the 4th quarter worth about $931,286,000. Institutional investors 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.