Public Storage (NYSE:PSA) PT Raised to $375.00 at Wells Fargo & Company

Public Storage (NYSE:PSA) had its price objective upped by stock analysts at Wells Fargo & Company from $320.00 to $375.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 10.80% from the stock’s previous close.

Several other equities research analysts also recently issued reports on PSA. 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 target price for the company. Jefferies Financial Group raised 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. Evercore ISI cut their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Finally, Morgan Stanley lifted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $340.93.

Public Storage Stock Down 2.1 %

Shares of Public Storage stock traded down $7.18 during trading hours on Monday, reaching $338.44. 63,389 shares of the company’s stock were exchanged, compared to its average volume of 705,471. The company has a 50 day moving average of $345.72 and a two-hundred day moving average of $305.38. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $369.99. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market cap of $59.47 billion, a P/E ratio of 30.74, a P/E/G ratio of 4.84 and a beta of 0.68.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business posted $4.28 earnings per share. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, sell-side analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Public Storage

Several hedge funds and other institutional investors have recently made changes to their positions in PSA. OFI Invest Asset Management bought a new stake in shares of Public Storage during the second quarter worth about $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage during the second quarter worth about $36,000. Riverview Trust Co bought a new stake in shares of Public Storage during the first quarter worth about $37,000. Crewe Advisors LLC bought a new stake in shares of Public Storage during the first quarter worth about $39,000. Finally, EdgeRock Capital LLC bought a new stake in shares of Public Storage during the second quarter worth about $39,000. 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.