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

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

Several other brokerages also recently weighed in on PSA. Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Citigroup boosted their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a report on Monday, August 5th. Finally, Morgan Stanley increased their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $341.43.

Public Storage Trading Up 1.3 %

PSA opened at $335.49 on Monday. The stock has a 50-day moving average of $348.12 and a 200 day moving average of $308.26. The company has a current ratio of 0.93, a quick 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. The firm has a market cap of $58.72 billion, a P/E ratio of 31.44, a P/E/G ratio of 4.74 and a beta of 0.68.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million for 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 business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.28 EPS. As a group, research analysts forecast that Public Storage will post 16.73 EPS for the current year.

Hedge Funds Weigh In On Public Storage

A number of hedge funds and other institutional investors have recently modified their holdings of PSA. Centersquare Investment Management LLC boosted its position in Public Storage by 17.2% during the 1st 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 acquiring an additional 173,975 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Public Storage in the second quarter valued at about $14,301,000. Allspring Global Investments Holdings LLC raised its holdings in Public Storage by 1.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after purchasing an additional 2,605 shares in the last quarter. PGGM Investments lifted its position in shares of Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after buying an additional 12,396 shares during the last quarter. Finally, Swedbank AB bought a new stake in shares of Public Storage in the 1st quarter valued at about $17,465,000. 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.