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

Public Storage (NYSE:PSA) had its price target lifted by Truist Financial from $306.00 to $340.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s target price would indicate a potential upside of 1.81% from the company’s current price.

A number of other brokerages also recently weighed in on PSA. Morgan Stanley boosted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Wolfe Research raised Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Wells Fargo & Company lowered their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Jefferies Financial Group raised their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Barclays lowered their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $342.07.

Public Storage Stock Performance

Public Storage stock opened at $333.95 on Thursday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a fifty day moving average price of $340.84 and a two-hundred day moving average price of $320.43. The company has a market cap of $58.48 billion, a PE ratio of 34.68, a P/E/G ratio of 5.59 and a beta of 0.71.

Hedge Funds Weigh In On Public Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSA. OFI Invest Asset Management acquired a new stake in shares of Public Storage in the second quarter valued at $32,000. Prospera Private Wealth LLC bought a new position in shares of Public Storage during the 3rd quarter valued at about $34,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage in the 2nd quarter worth approximately $36,000. Ashton Thomas Securities LLC bought a new stake in Public Storage during the third quarter worth approximately $38,000. Finally, EdgeRock Capital LLC acquired a new position in Public Storage in the second quarter worth approximately $39,000. 78.79% of the stock is owned by institutional investors.

Public Storage Company Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.