Public Storage (NYSE:PSA) Cut to Neutral at Bank of America

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

Other analysts have also issued reports about the stock. UBS Group dropped their price target on shares of Public Storage from $293.00 to $276.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $301.00 target price (down from $316.00) on shares of Public Storage in a research report on Thursday, December 18th. Royal Bank Of Canada lowered their price objective on Public Storage from $309.00 to $307.00 and set a “sector perform” rating for the company in a research note on Friday, October 31st. Wells Fargo & Company downgraded shares of Public Storage from an “overweight” rating to a “cautious” rating and set a $295.00 price objective for the company. in a research report on Thursday. Finally, Wall Street Zen downgraded Public Storage from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $306.63.

Public Storage Trading Up 3.2%

NYSE PSA opened at $288.62 on Thursday. Public Storage has a one year low of $256.54 and a one year high of $322.49. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.45 and a quick ratio of 0.45. The firm 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. The stock’s 50-day moving average is $272.88 and its 200-day moving average is $281.86.

Institutional Investors Weigh In On Public Storage

Hedge funds have recently bought and sold shares of the business. Harbor Asset Planning Inc. bought a new position in Public Storage in the 2nd quarter valued at approximately $25,000. First Pacific Financial bought a new stake in Public Storage in the third quarter worth $26,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Public Storage in the 3rd quarter worth approximately $27,000. Asset Dedication LLC raised its position in Public Storage by 111.1% in the 2nd 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 purchased a new position in Public Storage during the 3rd quarter valued at $30,000. Institutional investors own 78.79% of the company’s stock.

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.