UBS Group Forecasts Strong Price Appreciation for Public Storage (NYSE:PSA) Stock

Key Points

• UBS raised its Public Storage price target from $294 to $334 but maintained a neutral rating; at the time of the report, the target implied 2.5% downside. Analysts overall rated the stock “Hold,” with an average target of $325.79.
• Public Storage reported quarterly EPS of $1.69, missing the $2.49 consensus estimate, while revenue of $1.37 billion topped forecasts and increased 0.5% year over year.
• Shares rose to $342.56 in Wednesday trading, near their 52-week high of $343.63.

Public Storage (NYSE:PSA - Get Free Report) had its price objective lifted by UBS Group from $294.00 to $334.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a "neutral" rating on the real estate investment trust's stock. UBS Group's target price suggests a potential downside of 2.50% from the stock's current price.

A number of other research firms have also commented on PSA. Raymond James Financial initiated coverage on Public Storage in a research note on Thursday, July 16th. They set a "market perform" rating on the stock. Truist Financial assumed coverage on Public Storage in a research report on Friday, October 2nd. They set a "buy" rating and a $317.00 target price for the company. JPMorgan Chase & Co. reduced their target price on Public Storage from $338.00 to $330.00 and set a "neutral" rating on the stock in a report on Monday, September 21st. Mizuho raised their price target on Public Storage from $316.00 to $319.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 2nd. Finally, Wall Street Zen cut Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday. Seven investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, Public Storage currently has an average rating of "Hold" and an average target price of $325.79.

Public Storage Stock Performance

Public Storage stock traded up $9.17 during midday trading on Wednesday, hitting $342.56. The company's stock had a trading volume of 2,476,184 shares, compared to its average volume of 1,060,520. 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 market cap of $64.00 billion, a price-to-earnings ratio of 35.87, a PEG ratio of 4.96 and a beta of 0.89. Public Storage has a 1-year low of $256.54 and a 1-year high of $343.63. The company has a 50-day moving average price of $299.22 and a two-hundred day moving average price of $303.28.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Monday, October 26th. The real estate investment trust reported $1.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.49 by ($0.80). The business had revenue of $1.37 billion for 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%. The business's revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.31 EPS. As a group, sell-side analysts predict that Public Storage will post 16.97 earnings per share for the current year.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $327.53, for a total transaction of $463,127.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Public Storage

Large investors have recently modified their holdings of the business. Nilsine Partners LLC lifted its position in shares of Public Storage by 2.9% during the 2nd quarter. Nilsine Partners LLC now owns 1,211 shares of the real estate investment trust's stock worth $385,000 after buying an additional 34 shares during the last quarter. Aegis Wealth Management Inc. boosted its stake in Public Storage by 2.5% in the third 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 boosted its stake in Public Storage by 2.6% in the first 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 in the last quarter. Chesapeake Capital Corp IL boosted its stake in Public Storage by 1.3% in the second 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 in the last quarter. Finally, Azzad Asset Management Inc. ADV grew its position in Public Storage by 0.7% in the first quarter. Azzad Asset Management Inc. ADV now owns 5,358 shares of the real estate investment trust's stock valued at $1,451,000 after acquiring an additional 39 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

About Public Storage

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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