Public Storage (PSA) Rating Lowered to Underweight at Morgan Stanley

Public Storage (NYSE:PSA) was downgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued on Wednesday. They presently have a $199.00 price target on the real estate investment trust’s stock. Morgan Stanley’s price target suggests a potential downside of 5.70% from the stock’s current price.

Several other research analysts also recently issued reports on the company. KeyCorp reaffirmed a “sell” rating and set a $184.00 price objective on shares of Public Storage in a report on Wednesday, September 13th. B. Riley set a $220.00 price objective on Public Storage and gave the stock a “hold” rating in a report on Wednesday, November 15th. Evercore ISI reaffirmed an “underperform” rating and set a $204.00 price objective (up previously from $197.00) on shares of Public Storage in a report on Thursday, September 14th. SunTrust Banks reaffirmed a “hold” rating and set a $200.00 price objective on shares of Public Storage in a report on Friday, October 27th. Finally, Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a report on Friday, September 15th. Seven analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $209.38.

Public Storage (NYSE PSA) opened at $211.02 on Wednesday. Public Storage has a 1-year low of $192.15 and a 1-year high of $232.21. The stock has a market capitalization of $36,847.96, a price-to-earnings ratio of 21.36, a price-to-earnings-growth ratio of 4.54 and a beta of 0.43.

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

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Public Storage by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 22,057,097 shares of the real estate investment trust’s stock worth $4,599,567,000 after buying an additional 727,573 shares during the period. BlackRock Inc. raised its stake in Public Storage by 3.5% during the 2nd quarter. BlackRock Inc. now owns 14,657,306 shares of the real estate investment trust’s stock worth $3,056,489,000 after buying an additional 489,998 shares during the period. APG Asset Management US Inc. raised its stake in Public Storage by 8.3% during the 3rd quarter. APG Asset Management US Inc. now owns 4,563,523 shares of the real estate investment trust’s stock worth $976,548,000 after buying an additional 350,712 shares during the period. JPMorgan Chase & Co. raised its stake in Public Storage by 41.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,466,228 shares of the real estate investment trust’s stock worth $950,191,000 after buying an additional 1,304,669 shares during the period. Finally, Capital World Investors raised its stake in Public Storage by 93.3% during the 2nd quarter. Capital World Investors now owns 4,036,000 shares of the real estate investment trust’s stock worth $841,627,000 after buying an additional 1,948,000 shares during the period. 80.91% of the stock is currently owned by institutional investors and hedge funds.

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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)

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