Public Storage (NYSE:PSA) Price Target Increased to $315.00 by Analysts at Morgan Stanley

Public Storage (NYSE:PSA) had its price objective hoisted by Morgan Stanley from $293.00 to $315.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s target price would suggest a potential downside of 11.54% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Jefferies Financial Group increased their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Citigroup lifted their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Royal Bank of Canada started coverage on Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective on the stock. Evercore ISI upped their price target on shares of Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, 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 report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and an average target price of $337.36.

Public Storage Stock Down 1.1 %

PSA stock traded down $3.98 during midday trading on Wednesday, reaching $356.08. 172,612 shares of the company’s stock traded hands, compared to its average volume of 714,745. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. The company has a market cap of $62.32 billion, a price-to-earnings ratio of 32.34, a P/E/G ratio of 5.02 and a beta of 0.67. The firm’s fifty day moving average price is $334.80 and its 200-day moving average price is $299.46. 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. As a group, sell-side analysts forecast that Public Storage will post 16.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Core Wealth Advisors Inc. purchased a new stake in Public Storage in the fourth quarter worth about $30,000. OFI Invest Asset Management bought a new stake in shares of Public Storage during the second quarter valued at approximately $32,000. Opal Wealth Advisors LLC purchased a new stake in Public Storage in the second quarter worth $36,000. Riverview Trust Co bought a new position in Public Storage in the first quarter worth $37,000. Finally, Crewe Advisors LLC purchased a new position in Public Storage during the first quarter valued at $39,000. 78.79% of the stock is currently 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.