Public Storage (NYSE:PSA) Downgraded to Neutral Rating by Bank of America

Public Storage (NYSE:PSA) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Thursday, MarketBeat Ratings reports. They presently have a $310.00 price objective on the real estate investment trust’s stock. Bank of America‘s price objective would suggest a potential upside of 7.41% from the stock’s previous close.

Several other analysts have also commented on PSA. Morgan Stanley initiated coverage on shares of Public Storage in a research note on Friday, December 5th. They set an “equal weight” rating and a $290.00 target price for the company. UBS Group decreased their target price on shares of Public Storage from $293.00 to $276.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Barclays set a $331.00 price objective on shares of Public Storage in a research note on Tuesday, January 13th. Wall Street Zen cut shares of Public Storage from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $301.00 target price (down previously from $316.00) on shares of Public Storage in a research note on Thursday, December 18th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $306.63.

Public Storage Price Performance

Shares of NYSE PSA opened at $288.62 on Thursday. The firm’s 50-day simple moving average is $272.88 and its 200 day simple moving average is $281.86. The stock has a market cap of $50.64 billion, a P/E ratio of 29.97, a P/E/G ratio of 7.28 and a beta of 1.01. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $322.49. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 1.99.

Institutional Trading of Public Storage

A number of institutional investors and hedge funds have recently modified their holdings of PSA. Harbor Asset Planning Inc. acquired a new stake in shares of Public Storage in the 2nd quarter valued at $25,000. First Pacific Financial bought a new position in shares of Public Storage in the 3rd quarter valued at about $26,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Public Storage during the third quarter worth approximately $27,000. Asset Dedication LLC lifted its holdings in Public Storage by 111.1% in the second quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 50 shares during the period. Finally, Raiffeisen Bank International AG acquired a new stake in Public Storage during the 3rd quarter worth $30,000. 78.79% of the stock is currently 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.