Barclays Raises Public Storage (NYSE:PSA) Price Target to $381.00

Public Storage (NYSE:PSA) had its target price increased by Barclays from $374.00 to $381.00 in a research report report published on Monday, Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

Other analysts have also issued research reports about the company. Wolfe Research raised Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research report on Thursday, August 1st. Royal Bank of Canada began coverage on shares of Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target for the company. Finally, Jefferies Financial Group upped their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $341.43.

Public Storage Stock Down 2.0 %

Shares of PSA stock opened at $329.06 on Monday. The stock has a 50 day moving average of $348.04 and a 200-day moving average of $308.41. The firm has a market cap of $57.59 billion, a PE ratio of 34.17, a price-to-earnings-growth ratio of 4.74 and a beta of 0.68. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99.

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

Institutional Investors Weigh In On Public Storage

Hedge funds and other institutional investors have recently made changes to their positions in the company. Seven Post Investment Office LP boosted its holdings in Public Storage by 0.8% in the third quarter. Seven Post Investment Office LP now owns 28,792 shares of the real estate investment trust’s stock valued at $10,476,000 after acquiring an additional 238 shares during the last quarter. Deseret Mutual Benefit Administrators boosted its stake in shares of Public Storage by 39.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 206 shares of the real estate investment trust’s stock valued at $75,000 after purchasing an additional 58 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Public Storage by 1.9% in the 3rd quarter. Principal Financial Group Inc. now owns 214,382 shares of the real estate investment trust’s stock valued at $78,007,000 after purchasing an additional 3,973 shares during the last quarter. Montecito Bank & Trust grew its position in shares of Public Storage by 32.4% during the 3rd quarter. Montecito Bank & Trust now owns 3,148 shares of the real estate investment trust’s stock worth $1,145,000 after buying an additional 770 shares during the period. Finally, Ironsides Asset Advisors LLC bought a new stake in shares of Public Storage during the third quarter worth approximately $237,000. 78.79% of the stock is owned by institutional investors and hedge funds.

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. 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.