Public Storage (NYSE:PSA) Given New $329.00 Price Target at Royal Bank of Canada

Public Storage (NYSE:PSA) had its target price reduced by Royal Bank of Canada from $342.00 to $329.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued research reports about the company. Truist Financial lifted their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and raised their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company decreased their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Finally, Barclays decreased their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Seven equities research 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, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $340.69.

Public Storage Price Performance

Shares of Public Storage stock opened at $303.46 on Wednesday. The stock has a market cap of $53.14 billion, a price-to-earnings ratio of 31.51, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day moving average price of $298.29 and a 200-day moving average price of $325.09. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the sale, the insider now directly owns 2,364 shares of the company’s stock, valued at $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. S.A. Mason LLC raised its position in shares of Public Storage by 3.8% in the 3rd quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock worth $300,000 after acquiring an additional 30 shares in the last quarter. Haverford Trust Co raised its position in shares of Public Storage by 0.7% in the 3rd quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock worth $1,558,000 after acquiring an additional 30 shares in the last quarter. Huntington National Bank raised its position in shares of Public Storage by 5.4% in the 3rd quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 33 shares in the last quarter. Chesapeake Wealth Management raised its position in shares of Public Storage by 2.2% in the 3rd quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock worth $560,000 after acquiring an additional 33 shares in the last quarter. Finally, Lindenwold Advisors INC raised its position in shares of Public Storage by 0.8% in the 3rd quarter. Lindenwold Advisors INC now owns 4,390 shares of the real estate investment trust’s stock worth $1,597,000 after acquiring an additional 34 shares in the last quarter. 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.