Barclays Has Lowered Expectations for Public Storage (NYSE:PSA) Stock Price

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

Several other research analysts also recently weighed in on the company. Evercore ISI dropped their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Jefferies Financial Group boosted their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Truist Financial increased their price objective 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. 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. Finally, Royal Bank of Canada decreased their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

Public Storage Price Performance

Shares of PSA opened at $290.15 on Monday. The company has a 50 day moving average of $319.23 and a two-hundred day moving average of $325.70. The company has a market cap of $50.81 billion, a price-to-earnings ratio of 30.13, a price-to-earnings-growth ratio of 5.29 and a beta of 0.74. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99.

Insider Activity

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new stake in Public Storage in the 3rd quarter worth $34,000. Ashton Thomas Securities LLC purchased a new stake in Public Storage in the 3rd quarter valued at about $38,000. Compagnie Lombard Odier SCmA acquired a new position in shares of Public Storage in the 3rd quarter worth approximately $50,000. Harbor Capital Advisors Inc. purchased a new position in shares of Public Storage during the third quarter worth $55,000. Finally, Versant Capital Management Inc grew its position in Public Storage by 301.7% in the 4th quarter. Versant Capital Management Inc now owns 237 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 178 shares in the last quarter. Institutional investors and hedge funds 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.