Public Storage (NYSE:PSA) Price Target Raised to $315.00

Public Storage (NYSE:PSA) had its target price lifted by equities researchers at Morgan Stanley from $293.00 to $315.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s target price suggests a potential downside of 10.76% from the stock’s current price.

Several other equities research analysts also recently issued reports on the company. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a report on Monday, August 5th. Scotiabank boosted their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Royal Bank of Canada started coverage on shares of Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective for the company. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Jefferies Financial Group lifted their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $337.36.

Public Storage Price Performance

Shares of PSA opened at $353.00 on Wednesday. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99. The stock has a market cap of $61.78 billion, a P/E ratio of 32.06, a P/E/G ratio of 5.02 and a beta of 0.67. The business’s fifty day moving average is $337.15 and its 200 day moving average is $300.22. 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 (NYSE:PSA) last posted 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). The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.28 EPS. Sell-side analysts anticipate that Public Storage will post 16.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its position in shares of Public Storage by 4.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock valued at $39,373,000 after acquiring an additional 5,239 shares during the period. Global Assets Advisory LLC purchased a new position in shares of Public Storage during the 1st quarter valued at $7,319,000. Centersquare Investment Management LLC increased its holdings in shares of Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares during the period. Scarborough Advisors LLC purchased a new stake in shares of Public Storage in the fourth quarter worth $4,701,000. Finally, Manning & Napier Advisors LLC bought a new stake in Public Storage during the second quarter valued at $14,301,000. 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.