Public Storage (NYSE:PSA) Given New $291.00 Price Target at JPMorgan Chase & Co.

Public Storage (NYSE:PSA) had its target price cut by JPMorgan Chase & Co. from $295.00 to $291.00 in a report released on Monday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other research firms have also commented on PSA. Wells Fargo & Company lowered Public Storage from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $330.00 to $295.00 in a research report on Thursday, February 5th. Barclays lifted their price objective on shares of Public Storage from $331.00 to $347.00 and gave the stock an “overweight” rating in a report on Thursday, March 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Public Storage in a report on Thursday, January 22nd. BMO Capital Markets reissued a “market perform” rating on shares of Public Storage in a research report on Monday, March 16th. Finally, Morgan Stanley began coverage on shares of Public Storage in a report on Friday, December 5th. They set an “equal weight” rating and a $290.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Hold” and a consensus target price of $306.53.

Public Storage Stock Up 2.1%

PSA stock opened at $271.26 on Monday. Public Storage has a twelve month low of $256.54 and a twelve month high of $312.95. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.05. The stock’s 50 day moving average is $291.99 and its 200-day moving average is $284.18. The firm has a market capitalization of $47.61 billion, a PE ratio of 30.07, a P/E/G ratio of 5.37 and a beta of 0.99.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Monday, March 16th. Public Storage’s dividend payout ratio is 133.04%.

Institutional Investors Weigh In On Public Storage

A number of hedge funds have recently made changes to their positions in the business. First Pacific Financial bought a new position in Public Storage during the third quarter valued at about $26,000. Bayban bought a new stake in Public Storage in the fourth quarter worth about $26,000. Harvest Fund Management Co. Ltd bought a new stake in Public Storage in the third quarter worth about $27,000. Asset Dedication LLC boosted its stake 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 acquiring an additional 50 shares during the last quarter. Finally, Raiffeisen Bank International AG purchased a new position in Public Storage in the third quarter valued at about $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.