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

Bank of America downgraded shares of Public Storage (NYSE:PSA) from a buy rating to a neutral rating in a research note issued to investors on Thursday morning, MarketBeat reports. The firm currently has $310.00 target price on the real estate investment trust’s stock.

Other analysts have also issued research reports about the company. Truist Financial increased their price target on Public Storage from $315.00 to $317.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Morgan Stanley began coverage on shares of Public Storage in a research report on Friday, December 5th. They set an “equal weight” rating and a $290.00 price objective on the stock. 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 report on Thursday, December 18th. Raymond James Financial dropped their price target on shares of Public Storage from $350.00 to $330.00 and set a “strong-buy” rating for the company in a research note on Tuesday, November 18th. Finally, Wells Fargo & Company lowered shares of Public Storage from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $330.00 to $295.00 in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $306.63.

Public Storage Stock Down 1.9%

Shares of NYSE:PSA opened at $283.07 on Thursday. The company has a market cap of $49.67 billion, a price-to-earnings ratio of 29.39, a PEG ratio of 7.51 and a beta of 1.01. Public Storage has a 12 month low of $256.54 and a 12 month high of $322.49. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 1.99. The company has a 50-day moving average price of $273.05 and a 200 day moving average price of $281.86.

Institutional Investors Weigh In On Public Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Public Storage by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock worth $6,576,534,000 after acquiring an additional 2,274,397 shares during the period. State Street Corp grew its stake in Public Storage by 1.2% in the second quarter. State Street Corp now owns 10,613,807 shares of the real estate investment trust’s stock worth $3,114,303,000 after purchasing an additional 126,113 shares in the last quarter. Norges Bank purchased a new position in Public Storage during the 2nd quarter worth $1,153,971,000. JPMorgan Chase & Co. increased its holdings in Public Storage by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust’s stock worth $963,177,000 after purchasing an additional 177,421 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Public Storage by 3.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,924,395 shares of the real estate investment trust’s stock worth $857,674,000 after buying an additional 87,918 shares during the period. 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.