Public Storage (NYSE:PSA) PT Raised to $334.00

Public Storage (NYSE:PSA) had its target price boosted by equities research analysts at Evercore ISI from $330.00 to $334.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price objective points to a potential downside of 2.26% from the company’s previous close.

A number of other research analysts have also commented on PSA. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Scotiabank increased their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Wells Fargo & Company upped their target price on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Barclays boosted their target price on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $319.25.

Public Storage Stock Up 0.3 %

NYSE:PSA opened at $341.72 on Wednesday. Public Storage has a twelve month low of $233.18 and a twelve month high of $343.47. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock’s 50 day moving average price is $305.61 and its two-hundred day moving average price is $287.42. The firm has a market capitalization of $60.05 billion, a price-to-earnings ratio of 31.04, a price-to-earnings-growth ratio of 5.28 and a beta of 0.65.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 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 business had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm posted $4.28 earnings per share. The business’s revenue was down 1.0% compared to the same quarter last year. Equities research analysts expect that Public Storage will post 16.74 earnings per share for the current fiscal year.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Public Storage

Institutional investors have recently bought and sold shares of the stock. Heartland Bank & Trust Co grew its holdings in 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. lifted its holdings in shares of Public Storage by 14.0% during the second quarter. SPC Financial Inc. now owns 1,222 shares of the real estate investment trust’s stock valued at $352,000 after purchasing an additional 150 shares in the last quarter. Advisory Alpha LLC lifted its stake in Public Storage by 29.1% during the 2nd quarter. Advisory Alpha LLC now owns 1,291 shares of the real estate investment trust’s stock valued at $372,000 after acquiring an additional 291 shares during the period. Truist Financial Corp boosted its holdings in Public Storage by 4.6% in the second quarter. Truist Financial Corp now owns 30,772 shares of the real estate investment trust’s stock worth $8,851,000 after purchasing an additional 1,361 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its holdings in shares of Public Storage by 20.4% in the second quarter. EP Wealth Advisors LLC now owns 2,747 shares of the real estate investment trust’s stock worth $790,000 after acquiring an additional 466 shares during the period. 78.79% of the stock is owned by institutional investors.

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.