Barclays Lowers Public Storage (NYSE:PSA) Price Target to $361.00

Public Storage (NYSE:PSA) had its price objective decreased by analysts at Barclays from $380.00 to $361.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s price objective would indicate a potential upside of 24.42% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Truist Financial upped their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Wells Fargo & Company dropped their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Jefferies Financial Group boosted their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Morgan Stanley raised their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Evercore ISI reduced 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. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $344.54.

Public Storage Stock Down 0.0 %

Shares of Public Storage stock opened at $290.15 on Monday. The company has a market capitalization of $50.81 billion, a P/E ratio of 30.13, a P/E/G ratio of 5.29 and a beta of 0.74. The company has a 50 day moving average of $319.23 and a 200 day moving average of $325.70. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, the insider now owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 11.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Public Storage

Several hedge funds have recently added to or reduced their stakes in PSA. Prospera Private Wealth LLC purchased a new stake in Public Storage in the 3rd quarter valued at approximately $34,000. Ashton Thomas Securities LLC acquired a new position in Public Storage in the 3rd quarter valued at about $38,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Public Storage during the 3rd quarter worth about $50,000. Harbor Capital Advisors Inc. purchased a new stake in Public Storage in the 3rd quarter worth approximately $55,000. Finally, Versant Capital Management Inc lifted its stake in shares of Public Storage by 301.7% during the 4th quarter. Versant Capital Management Inc now owns 237 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 178 shares during the period. 78.79% of the stock is currently owned by hedge funds and other 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.