Public Storage (NYSE:PSA) Price Target Raised to $347.00

Key Points

• Barclays raised its price target for Public Storage to $347 (from $331) and kept an overweight rating, implying roughly a 13.6% upside from the current stock price.
• Analyst consensus remains a Hold with an average target of $307.13; brokers' breakdown shows 2 Strong Buy, 4 Buy and 12 Hold ratings.
• PSA traded at $305.44 (down $5.32) with a market cap of $53.61B and a PE of 33.86, while major institutions (e.g., Norges Bank, Capital International) added large positions and institutions own about 78.79% of the shares.

Public Storage (NYSE:PSA - Get Free Report) had its price objective raised by research analysts at Barclays from $331.00 to $347.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the real estate investment trust's stock. Barclays's price target would suggest a potential upside of 13.61% from the stock's current price.

Several other analysts have also commented on PSA. Wall Street Zen lowered shares of Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, January 10th. Weiss Ratings restated a "hold (c)" rating on shares of Public Storage in a research report on Thursday, January 22nd. BMO Capital Markets reduced their target price on Public Storage from $320.00 to $305.00 and set a "market perform" rating for the company in a research note on Monday, December 22nd. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $301.00 price target (down from $316.00) on shares of Public Storage in a research note on Thursday, December 18th. Finally, Evercore set a $302.00 price objective on shares of Public Storage in a research report on Tuesday, February 17th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $307.13.

Public Storage Stock Performance

NYSE:PSA traded down $5.32 during trading hours on Thursday, reaching $305.44. The company had a trading volume of 231,919 shares, compared to its average volume of 1,188,759. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75. Public Storage has a 1-year low of $256.54 and a 1-year high of $322.49. The business's 50 day moving average price is $285.08 and its 200-day moving average price is $284.05. The firm has a market cap of $53.61 billion, a PE ratio of 33.86, a price-to-earnings-growth ratio of 6.20 and a beta of 0.99.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PSA. Norges Bank purchased a new position in Public Storage during the fourth quarter worth about $1,163,751,000. Capital International Investors increased its holdings in shares of Public Storage by 821.4% during the 4th quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust's stock worth $1,073,032,000 after buying an additional 3,686,211 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Public Storage by 9.9% during 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 buying an additional 2,274,397 shares during the period. First Trust Advisors LP raised 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 buying an additional 535,465 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Public Storage by 498.7% in the second 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 last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

About Public Storage

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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