Public Storage (NYSE:PSA) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Public Storage from “hold” to “sell,” while the broader analyst consensus remains “hold” with an average price target of $323.68.
• Public Storage reported quarterly EPS of $1.69, missing the $2.49 consensus estimate, although revenue of $1.37 billion exceeded expectations and rose 0.5% year over year.
• PSA shares opened at $324.95, near the analyst average target, with institutional investors and hedge funds owning 78.79% of the company.

Public Storage (NYSE:PSA - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other brokerages have also issued reports on PSA. Royal Bank Of Canada lifted their price target on Public Storage from $318.00 to $323.00 and gave the company a "sector perform" rating in a research note on Wednesday. Weiss Ratings downgraded Public Storage from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. Raymond James Financial initiated coverage on Public Storage in a research report on Thursday, July 16th. They set a "market perform" rating for the company. UBS Group reaffirmed a "neutral" rating on shares of Public Storage in a research note on Tuesday. Finally, Truist Financial began coverage on Public Storage in a research report on Friday, October 2nd. They issued a "buy" rating and a $317.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat, Public Storage currently has a consensus rating of "Hold" and an average target price of $323.68.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $324.95 on Friday. The company's 50 day simple moving average is $298.85 and its 200 day simple moving average is $302.79. The stock has a market capitalization of $60.71 billion, a price-to-earnings ratio of 18.66, a price-to-earnings-growth ratio of 4.73 and a beta of 0.94. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.00 and a quick ratio of 0.66. Public Storage has a 1 year low of $256.54 and a 1 year high of $335.55.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Monday, October 26th. The real estate investment trust reported $1.69 EPS for the quarter, missing the consensus estimate of $2.49 by ($0.80). Public Storage had a net margin of 37.76% and a return on equity of 29.93%. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the firm earned $4.31 earnings per share. The firm's revenue for the quarter was up .5% on a year-over-year basis. As a group, research analysts predict that Public Storage will post 16.95 EPS for the current fiscal year.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $327.53, for a total value of $463,127.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.10% of the company's stock.

Hedge Funds Weigh In On Public Storage

A number of institutional investors have recently modified their holdings of PSA. BlackRock Inc. purchased a new position in shares of Public Storage in the second quarter valued at $5,495,077,000. Legal & General Group Plc bought a new stake in shares of Public Storage in the 2nd quarter worth approximately $601,650,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Public Storage in the 2nd quarter valued at about $558,904,000. Deutsche Bank AG purchased a new stake in shares of Public Storage during the second quarter valued at approximately $400,776,000. Finally, Bank of America Corp DE purchased a new stake in Public Storage during the 2nd quarter valued at $333,063,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Company Profile

Public Storage NYSE: PSA is a real estate investment trust focused on the ownership, operation and development of self-storage facilities. The company rents storage units to residential and business customers, offering solutions for household belongings, commercial inventory, records, vehicles and other personal property. Many locations provide features such as climate-controlled units, electronic access, online reservations and moving and packing supplies.

Founded in 1972, Public Storage has grown into one of the largest self-storage operators in the United States.

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