Public Storage (NYSE:PSA) Price Target Raised to $365.00

Key Points

• Truist Financial raised Public Storage’s price target from $317 to $365 and reiterated a “buy” rating, implying 9.53% upside from the cited share price.
• Analyst sentiment overall remains cautious: seven analysts rate the stock “buy” and 14 “hold,” with an average target of $328.32.
• In its latest quarter, Public Storage reported EPS of $1.69, missing the $2.49 consensus estimate, while revenue of $1.37 billion topped forecasts of $1.34 billion.

Public Storage (NYSE:PSA - Get Free Report) had its price target hoisted by equities researchers at Truist Financial from $317.00 to $365.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a "buy" rating on the real estate investment trust's stock. Truist Financial's price objective would indicate a potential upside of 9.53% from the company's current price.

PSA has been the subject of several other research reports. Wall Street Zen downgraded shares of Public Storage from a "hold" rating to a "sell" rating in a report on Saturday, October 31st. Raymond James Financial initiated coverage on shares of Public Storage in a report on Thursday, July 16th. They issued a "market perform" rating on the stock. Barclays lifted their price objective on shares of Public Storage from $350.00 to $351.00 and gave the company an "equal weight" rating in a research report on Thursday, September 10th. Scotiabank reduced their target price on shares of Public Storage from $346.00 to $343.00 and set a "sector outperform" rating for the company in a research note on Wednesday, September 2nd. Finally, Royal Bank Of Canada boosted their target price on shares of Public Storage from $318.00 to $323.00 and gave the company a "sector perform" rating in a research note on Wednesday, October 28th. Seven investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. Based on data from MarketBeat, Public Storage presently has an average rating of "Hold" and an average target price of $328.32.

Public Storage Stock Performance

NYSE:PSA traded down $2.48 during midday trading on Thursday, reaching $333.25. 314,954 shares of the company traded hands, compared to its average volume of 1,063,664. Public Storage has a twelve month low of $256.54 and a twelve month high of $345.89. The firm has a market capitalization of $62.27 billion, a price-to-earnings ratio of 34.89, a price-to-earnings-growth ratio of 4.97 and a beta of 0.89. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.00 and a quick ratio of 1.00. The company has a fifty day moving average price of $302.31 and a 200 day moving average price of $304.77.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Monday, October 26th. The real estate investment trust reported $1.69 earnings per share for the quarter, missing the consensus estimate of $2.49 by ($0.80). The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.34 billion. Public Storage had a return on equity of 29.93% and a net margin of 37.76%. Public Storage's quarterly revenue was up .5% on a year-over-year basis. During the same period in the prior year, the business earned $4.31 earnings per share. On average, analysts expect that Public Storage will post 16.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PSA. Nilsine Partners LLC raised its stake in shares of Public Storage by 2.9% during the second quarter. Nilsine Partners LLC now owns 1,211 shares of the real estate investment trust's stock valued at $385,000 after purchasing an additional 34 shares in the last quarter. Aegis Wealth Management Inc. grew its position in Public Storage by 2.5% in the 3rd quarter. Aegis Wealth Management Inc. now owns 1,375 shares of the real estate investment trust's stock valued at $389,000 after buying an additional 34 shares in the last quarter. Gryphon Financial Partners LLC increased its stake in Public Storage by 2.6% during the 1st quarter. Gryphon Financial Partners LLC now owns 1,423 shares of the real estate investment trust's stock valued at $385,000 after buying an additional 36 shares during the period. Chesapeake Capital Corp IL increased its stake in Public Storage by 1.3% during the 2nd quarter. Chesapeake Capital Corp IL now owns 2,994 shares of the real estate investment trust's stock valued at $953,000 after buying an additional 38 shares during the period. Finally, Capital Investment Advisors LLC increased its stake in Public Storage by 0.6% during the 3rd quarter. Capital Investment Advisors LLC now owns 7,104 shares of the real estate investment trust's stock valued at $2,009,000 after buying an additional 42 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Company Profile

Public Storage is a real estate investment trust that owns and operates self-storage facilities. Its properties offer individuals and businesses rental storage units in a range of sizes for household goods, business inventory, and other belongings. The company also provides related services, including storage protection plans. Founded in 1972, Public Storage has grown into a major self-storage provider in the United States, with facilities serving customers across the country. Its business also has a connection to Europe through its investment in Shurgard Self Storage, which operates self-storage properties in several European markets.

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