Barclays Forecasts Strong Price Appreciation for Public Storage (NYSE:PSA) Stock

Public Storage (NYSE:PSA) had its price objective boosted by equities research analysts at Barclays from $331.00 to $347.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s target price indicates a potential upside of 13.61% from the stock’s previous close.

Several other analysts also recently weighed in on PSA. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $301.00 target price (down from $316.00) on shares of Public Storage in a report on Thursday, December 18th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $310.00 price target for the company. in a research report on Thursday, February 5th. Wolfe Research downgraded Public Storage from an “outperform” rating to a “peer perform” rating in a report on Monday, January 26th. Morgan Stanley began coverage on Public Storage in a research note on Friday, December 5th. They set an “equal weight” rating and a $290.00 target price on the stock. Finally, Raymond James Financial dropped their target price on Public Storage from $350.00 to $330.00 and set a “strong-buy” rating for the company in a research report on Tuesday, November 18th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $307.13.

Public Storage Trading Down 1.7%

PSA stock traded down $5.32 during mid-day trading on Thursday, hitting $305.44. 231,919 shares of the company were exchanged, compared to its average volume of 1,188,759. Public Storage has a 12-month low of $256.54 and a 12-month high of $322.49. The firm has a market capitalization of $53.61 billion, a P/E ratio of 33.86, a PEG ratio of 6.20 and a beta of 0.99. The business has a fifty day simple moving average of $285.08 and a 200-day simple moving average of $284.05. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.05.

Institutional Trading of Public Storage

A number of large investors have recently made changes to their positions in PSA. SHP Wealth Management purchased a new position in Public Storage in the fourth quarter worth approximately $47,000. Caitong International Asset Management Co. Ltd raised its stake in Public Storage by 45,500.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 456 shares of the real estate investment trust’s stock valued at $118,000 after buying an additional 455 shares in the last quarter. Reflection Asset Management purchased a new stake in Public Storage during the fourth quarter worth approximately $39,000. Tobam grew its position in shares of Public Storage by 1,706.1% in the 4th quarter. Tobam now owns 2,980 shares of the real estate investment trust’s stock valued at $773,000 after buying an additional 2,815 shares during the last quarter. Finally, MidFirst Bank acquired a new stake in shares of Public Storage during the fourth quarter worth about $413,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

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.