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

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

A number of other research analysts have also recently commented on PSA. Barclays increased their target price on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Royal Bank of Canada assumed coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target for the company. Evercore ISI upped their price target on shares of Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research report on Monday. Citigroup upped their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Scotiabank upped their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $332.71.

Public Storage Price Performance

PSA traded up $3.90 during trading on Wednesday, reaching $361.47. The stock had a trading volume of 306,334 shares, compared to its average volume of 708,101. The stock has a market cap of $63.52 billion, a PE ratio of 32.87, a PEG 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 has a one year low of $233.18 and a one year high of $365.57. The business has a 50-day moving average of $323.03 and a 200-day moving average of $294.19.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company earned $4.28 EPS. As a group, equities research analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Institutional Trading of Public Storage

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after buying an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after buying an additional 219,391 shares during the period. APG Asset Management US Inc. lifted its holdings in Public Storage by 4.8% in the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after buying an additional 100,000 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Public Storage by 8.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after buying an additional 95,080 shares during the period. Finally, Centersquare Investment Management LLC increased its stake in shares of Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other 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.