Wells Fargo & Company Lowers Public Storage (NYSE:PSA) Price Target to $330.00

Public Storage (NYSE:PSA) had its price target reduced by research analysts at Wells Fargo & Company from $365.00 to $330.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 8.64% from the company’s current price.

A number of other brokerages have also weighed in on PSA. Royal Bank of Canada reduced their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Truist Financial boosted their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Barclays decreased their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $341.85.

Public Storage Price Performance

PSA stock opened at $303.75 on Friday. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. 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 market cap of $53.19 billion, a price-to-earnings ratio of 31.57, a P/E/G ratio of 4.80 and a beta of 0.74. The company has a 50 day simple moving average of $298.38 and a 200 day simple moving average of $325.39.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Public Storage

Large investors have recently added to or reduced their stakes in the business. Quent Capital LLC boosted its holdings in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 50 shares during the period. Strategic Investment Solutions Inc. IL purchased a new position in shares of Public Storage in the fourth quarter worth $32,000. Prospera Private Wealth LLC bought a new stake in Public Storage in the 3rd quarter worth $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage during the third quarter worth about $38,000. Finally, Synergy Asset Management LLC bought a new stake in shares of Public Storage in the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

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.