Public Storage (NYSE:PSA) Price Target Lowered to $338.00 at Evercore ISI

Public Storage (NYSE:PSA) had its price target dropped by equities research analysts at Evercore ISI from $343.00 to $338.00 in a report released on Monday, Benzinga reports. The firm presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price target points to a potential downside of 1.41% from the company’s current price.

Several other analysts have also weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. Morgan Stanley upped their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday, August 1st. Finally, Jefferies Financial Group upped their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $337.00.

Public Storage Price Performance

PSA stock opened at $342.83 on Monday. 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 company’s fifty day simple moving average is $342.30 and its 200 day simple moving average is $303.29. 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 $60.00 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 4.82 and a beta of 0.68.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 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 business had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the company earned $4.28 EPS. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, analysts expect that Public Storage will post 16.73 earnings per share for the current year.

Institutional Trading of Public Storage

Several institutional investors and hedge funds have recently made changes to their positions in PSA. OFI Invest Asset Management bought a new stake in Public Storage in the 2nd quarter worth about $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage in the second quarter valued at approximately $36,000. Riverview Trust Co purchased a new stake in shares of Public Storage during the first quarter valued at approximately $37,000. Crewe Advisors LLC bought a new stake in Public Storage during the first quarter worth $39,000. Finally, EdgeRock Capital LLC bought a new stake in Public Storage during the second quarter worth $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

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.