Jefferies Financial Group Lowers Public Storage (NYSE:PSA) Price Target to $330.00

Key Points

• Jefferies cut its price target on Public Storage to $330 from $345 while maintaining a "buy" rating, implying roughly an 11.12% upside from the current price.
• The stock carries a consensus of "Moderate Buy" with an average price target of $308.22, and institutional ownership is high (about 78.79%) as major holders like Vanguard, Norges Bank and Capital International increased positions.

Public Storage (NYSE:PSA - Get Free Report) had its price target reduced by equities researchers at Jefferies Financial Group from $345.00 to $330.00 in a note issued to investors on Tuesday,MarketScreener reports. The firm presently has a "buy" rating on the real estate investment trust's stock. Jefferies Financial Group's price target would indicate a potential upside of 11.12% from the company's current price.

Several other analysts also recently commented on PSA. The Goldman Sachs Group reaffirmed a "buy" rating and set a $330.00 target price on shares of Public Storage in a report on Friday, February 20th. BMO Capital Markets reissued a "market perform" rating on shares of Public Storage in a report on Monday, March 16th. Barclays raised their price objective on shares of Public Storage from $331.00 to $347.00 and gave the stock an "overweight" rating in a research report on Thursday, March 5th. Bank of America cut Public Storage from a "buy" rating to a "neutral" rating and set a $310.00 price objective for the company. in a report on Thursday, February 5th. Finally, JPMorgan Chase & Co. lowered their target price on Public Storage from $295.00 to $291.00 and set a "neutral" rating on the stock in a research note on Monday, March 23rd. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $308.22.

Public Storage Trading Up 0.3%

PSA stock opened at $296.98 on Tuesday. Public Storage has a one year low of $256.54 and a one year high of $312.95. The stock has a market cap of $52.12 billion, a price-to-earnings ratio of 33.07, a price-to-earnings-growth ratio of 6.05 and a beta of 1.02. The company has a fifty day moving average price of $290.60 and a two-hundred day moving average price of $283.31. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new stake in Public Storage during the fourth quarter worth approximately $1,163,751,000. Capital International Investors raised its holdings in Public Storage by 821.4% in the 4th quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust's stock valued at $1,073,032,000 after acquiring an additional 3,686,211 shares in the last quarter. Vanguard Group Inc. raised its holdings in Public Storage by 9.9% in the 4th quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust's stock valued at $6,576,534,000 after acquiring an additional 2,274,397 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Public Storage by 287.7% during the 4th quarter. First Trust Advisors LP now owns 721,588 shares of the real estate investment trust's stock valued at $187,252,000 after acquiring an additional 535,465 shares during the period. Finally, AQR Capital Management LLC lifted its position in shares of Public Storage by 498.7% during the 2nd quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust's stock valued at $166,970,000 after acquiring an additional 481,872 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Company Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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