Public Storage (NYSE:PSA) Price Target Increased to $381.00 by Analysts at Barclays

Public Storage (NYSE:PSA) had its target price upped by analysts at Barclays from $374.00 to $381.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s target price would indicate a potential upside of 12.00% from the stock’s previous close.

PSA has been the topic of a number of other reports. Evercore ISI reduced their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a report on Thursday, August 1st. Scotiabank upped their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. 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 research note on Monday, August 5th. Finally, Royal Bank of Canada assumed coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $341.43.

Public Storage Trading Up 1.1 %

Shares of PSA traded up $3.84 during mid-day trading on Monday, hitting $340.18. 10,795 shares of the company’s stock traded hands, compared to its average volume of 702,437. 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 firm has a market capitalization of $59.54 billion, a P/E ratio of 31.88, a PEG ratio of 4.74 and a beta of 0.68. The business’s 50-day moving average price is $347.58 and its 200-day moving average price is $307.22. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99.

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

Institutional Investors Weigh In On Public Storage

A number of hedge funds have recently added to or reduced their stakes in the stock. S.A. Mason LLC grew its holdings in shares of Public Storage by 3.8% in the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock worth $300,000 after acquiring an additional 30 shares during the period. Stephenson & Company Inc. purchased a new position in Public Storage in the third quarter worth about $210,000. Diversify Wealth Management LLC bought a new stake in shares of Public Storage during the 3rd quarter valued at about $210,000. First Trust Direct Indexing L.P. increased its position in shares of Public Storage by 27.5% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,337 shares of the real estate investment trust’s stock valued at $1,942,000 after purchasing an additional 1,150 shares during the last quarter. Finally, Childress Capital Advisors LLC bought a new position in shares of Public Storage in the 3rd quarter worth approximately $221,000. 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.