Public Storage (NYSE:PSA) Price Target Raised to $422.00 at Jefferies Financial Group

Public Storage (NYSE:PSA) had its price target lifted by equities research analysts at Jefferies Financial Group from $360.00 to $422.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 16.75% from the stock’s previous close.

A number of other brokerages also recently weighed in on PSA. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Scotiabank boosted their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company upped their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Citigroup upped their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $332.71.

Public Storage Stock Up 1.1 %

PSA traded up $3.90 during midday trading on Wednesday, reaching $361.47. 306,334 shares of the company were exchanged, compared to its average volume of 708,101. Public Storage has a one year low of $233.18 and a one year high of $365.57. The company’s fifty day moving average price is $323.03 and its 200 day moving average price is $294.19. The company has a market cap of $63.52 billion, a price-to-earnings ratio of 32.87, a price-to-earnings-growth ratio of 5.06 and a beta of 0.67. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the firm earned $4.28 EPS. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, analysts expect that Public Storage will post 16.73 EPS for the current year.

Institutional Investors Weigh In On Public Storage

Institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new position in shares of Public Storage in the second quarter worth $2,442,000. Creekside Partners bought a new position in shares of Public Storage in the second quarter worth $320,000. Heartland Bank & Trust Co increased its holdings in shares of Public Storage by 4.5% in the second quarter. Heartland Bank & Trust Co now owns 1,510 shares of the real estate investment trust’s stock worth $434,000 after purchasing an additional 65 shares during the period. SPC Financial Inc. increased its holdings in shares of Public Storage by 14.0% in the second quarter. SPC Financial Inc. now owns 1,222 shares of the real estate investment trust’s stock worth $352,000 after purchasing an additional 150 shares during the period. Finally, Advisory Alpha LLC increased its holdings in shares of Public Storage by 29.1% in the second quarter. Advisory Alpha LLC now owns 1,291 shares of the real estate investment trust’s stock worth $372,000 after purchasing an additional 291 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Company Profile

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. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.