Barclays Reiterates Hold Rating for Public Storage (PSA)

Public Storage (NYSE:PSA)‘s stock had its “hold” rating reiterated by equities researchers at Barclays in a note issued to investors on Wednesday. They presently have a $201.00 price target on the real estate investment trust’s stock. Barclays’ price objective suggests a potential upside of 3.58% from the company’s current price.

Several other equities analysts also recently issued reports on the stock. Morgan Stanley downgraded shares of Public Storage from an “equal weight” rating to an “underweight” rating and set a $199.00 price target for the company. in a report on Wednesday, December 13th. B. Riley set a $220.00 price target on shares of Public Storage and gave the company a “hold” rating in a report on Wednesday, November 15th. SunTrust Banks reissued a “hold” rating and set a $200.00 price target on shares of Public Storage in a report on Friday, October 27th. Robert W. Baird downgraded shares of Public Storage from a “neutral” rating to an “underperform” rating and set a $205.00 price target for the company. in a report on Tuesday, November 28th. Finally, Bank of America downgraded shares of Public Storage from a “neutral” rating to an “underperform” rating and set a $212.00 price target for the company. in a report on Monday, December 4th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $208.92.

Public Storage (NYSE PSA) traded up $0.46 during trading on Wednesday, reaching $194.06. 344,604 shares of the company’s stock were exchanged, compared to its average volume of 876,289. The firm has a market capitalization of $33,509.85, a P/E ratio of 28.29, a PEG ratio of 3.78 and a beta of 0.44. Public Storage has a 1 year low of $190.15 and a 1 year high of $232.21.

In related news, Director Gary E. Pruitt sold 5,000 shares of the company’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $212.09, for a total value of $1,060,450.00. Following the completion of the sale, the director now owns 8,350 shares of the company’s stock, valued at $1,770,951.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Reyes sold 60,000 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $212.24, for a total transaction of $12,734,400.00. The disclosure for this sale can be found here. Corporate insiders own 14.42% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. D.A. Davidson & CO. raised its position in Public Storage by 23.8% in the second quarter. D.A. Davidson & CO. now owns 885 shares of the real estate investment trust’s stock worth $184,000 after acquiring an additional 170 shares in the last quarter. IHT Wealth Management LLC raised its position in Public Storage by 43.0% in the second quarter. IHT Wealth Management LLC now owns 582 shares of the real estate investment trust’s stock worth $200,000 after acquiring an additional 175 shares in the last quarter. Gofen & Glossberg LLC IL raised its position in Public Storage by 0.4% in the second quarter. Gofen & Glossberg LLC IL now owns 46,854 shares of the real estate investment trust’s stock worth $9,770,000 after acquiring an additional 200 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Public Storage by 4.2% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 6,295 shares of the real estate investment trust’s stock worth $1,347,000 after acquiring an additional 254 shares in the last quarter. Finally, Pinebridge Investments L.P. raised its position in Public Storage by 9.6% in the third quarter. Pinebridge Investments L.P. now owns 3,083 shares of the real estate investment trust’s stock worth $659,000 after acquiring an additional 270 shares in the last quarter. 80.76% of the stock is owned by institutional investors and hedge funds.

TRADEMARK VIOLATION NOTICE: “Barclays Reiterates Hold Rating for Public Storage (PSA)” was reported by American Banking News and is the property of of American Banking News. If you are reading this report on another website, it was copied illegally and reposted in violation of US and international copyright legislation. The correct version of this report can be accessed at https://www.americanbankingnews.com/2018/01/31/barclays-reiterates-hold-rating-for-public-storage-psa.html.

Public Storage Company Profile

Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.

Analyst Recommendations for Public Storage (NYSE:PSA)

Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply