JPMorgan Chase & Co. Cuts Public Storage (NYSE:PSA) Price Target to $291.00

Public Storage (NYSE:PSA) had its price objective lowered by JPMorgan Chase & Co. from $295.00 to $291.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on the company. William Blair set a $305.00 target price on Public Storage in a research note on Monday, March 16th. Wells Fargo & Company lowered Public Storage from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $330.00 to $295.00 in a research note on Thursday, February 5th. BMO Capital Markets reiterated a “market perform” rating on shares of Public Storage in a report on Monday, March 16th. Deutsche Bank Aktiengesellschaft downgraded Public Storage from a “buy” rating to a “hold” rating and set a $285.00 price objective for the company. in a research report on Tuesday, January 20th. Finally, Truist Financial upped their target price on shares of Public Storage from $315.00 to $317.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $306.53.

Public Storage Stock Down 0.1%

PSA stock opened at $267.68 on Monday. The firm has a market cap of $46.98 billion, a PE ratio of 29.68, a PEG ratio of 5.41 and a beta of 0.99. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75. The firm’s 50 day moving average price is $291.36 and its 200-day moving average price is $283.85. Public Storage has a one year low of $256.54 and a one year high of $312.95.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Monday, March 16th. Public Storage’s dividend payout ratio is 133.04%.

Institutional Investors Weigh In On Public Storage

Institutional investors and hedge funds have recently modified their holdings of the company. First Pacific Financial acquired a new position in Public Storage during the 3rd quarter worth about $26,000. Bayban acquired a new position in Public Storage in the 4th quarter valued at about $26,000. Harvest Fund Management Co. Ltd purchased a new stake in Public Storage during the third quarter worth about $27,000. Asset Dedication LLC increased its stake in Public Storage by 111.1% during the second quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 50 shares during the period. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Public Storage during the third quarter worth about $30,000. 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.