Public Storage (PSA) Downgraded by Barclays to “Underweight”

Public Storage (NYSE:PSA) was downgraded by Barclays from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Tuesday, The Fly reports. The analysts noted that the move was a valuation call.

PSA has been the subject of a number of other reports. Bank of America set a $230.00 price objective on shares of Public Storage and gave the stock a “hold” rating in a research note on Friday, March 1st. Jefferies Financial Group cut shares of Public Storage from a “hold” rating to an “underperform” rating and reduced their price objective for the stock from $202.00 to $175.00 in a research note on Thursday, December 13th. Finally, Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, February 12th. Six research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Public Storage presently has an average rating of “Hold” and a consensus price target of $209.50.

Shares of NYSE PSA opened at $224.24 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $38.76 billion, a PE ratio of 21.23, a PEG ratio of 5.27 and a beta of 0.26. Public Storage has a 1 year low of $192.02 and a 1 year high of $234.90.

A number of institutional investors and hedge funds have recently bought and sold shares of PSA. Oregon Public Employees Retirement Fund grew its stake in Public Storage by 18,823.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,180,090 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 7,142,148 shares in the last quarter. Cohen & Steers Inc. grew its stake in Public Storage by 1,482.5% during the fourth quarter. Cohen & Steers Inc. now owns 2,258,079 shares of the real estate investment trust’s stock valued at $457,058,000 after acquiring an additional 2,115,388 shares in the last quarter. Norges Bank purchased a new position in Public Storage during the fourth quarter valued at $299,869,000. Victory Capital Management Inc. grew its stake in Public Storage by 25,785.5% during the fourth quarter. Victory Capital Management Inc. now owns 742,654 shares of the real estate investment trust’s stock valued at $150,321,000 after acquiring an additional 739,785 shares in the last quarter. Finally, APG Asset Management N.V. grew its stake in Public Storage by 254.7% during the fourth quarter. APG Asset Management N.V. now owns 843,235 shares of the real estate investment trust’s stock valued at $149,306,000 after acquiring an additional 605,500 shares in the last quarter. 81.01% of the stock is owned by institutional investors.

About Public Storage

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. The Company's headquarters are located in Glendale, California. At December 31, 2018, we had interests in 2,429 self-storage facilities located in 38 states with approximately 162 million net rentable square feet in the United States and we owned a 35.2% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), which owned 232 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand.

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