BNP Paribas Exane Initiates Coverage on Public Storage (NYSE:PSA)

BNP Paribas Exane began coverage on shares of Public Storage (NYSE:PSA) in a report issued on Tuesday, MarketBeat reports. The brokerage set an “outperform” rating and a $331.00 price target on the real estate investment trust’s stock. BNP Paribas Exane’s price target suggests a potential upside of 14.26% from the stock’s current price.

PSA has been the topic of a number of other research reports. Scotiabank upped their price objective on shares of Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a report on Monday, May 12th. Evercore ISI boosted their price target on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research report on Friday, May 2nd. Royal Bank Of Canada cut their price target on Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research note on Friday, May 2nd. Bank of America lifted their price objective on Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Finally, BMO Capital Markets cut Public Storage from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $337.64.

Public Storage Price Performance

Shares of PSA stock opened at $289.69 on Tuesday. The business’s fifty day moving average is $298.81 and its 200 day moving average is $298.47. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The stock has a market cap of $50.82 billion, a price-to-earnings ratio of 28.77, a PEG ratio of 4.28 and a beta of 0.89. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating analysts’ consensus estimates of $4.06 by $0.06. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.03 EPS. Research analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Public Storage

Several large investors have recently bought and sold shares of PSA. Norges Bank bought a new position in Public Storage during the 4th quarter valued at about $931,286,000. Nuveen LLC purchased a new position in shares of Public Storage during the first quarter valued at approximately $271,196,000. Northern Trust Corp lifted its position in Public Storage by 43.4% during the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after purchasing an additional 749,913 shares during the period. Cohen & Steers Inc. boosted its holdings in Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after purchasing an additional 592,944 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Public Storage by 34,827.1% in the first quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust’s stock worth $157,114,000 after purchasing an additional 523,452 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

About Public Storage

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.