Barclays Has Lowered Expectations for Public Storage (NYSE:PSA) Stock Price

Key Points

• Barclays has lowered its target price for Public Storage (NYSE:PSA) from $351.00 to $349.00, suggesting a potential upside of 23.34% from the stock's previous close despite its "overweight" rating.
• Other analysts have issued mixed ratings for Public Storage, with Wall Street Zen downgrading the stock to a "sell" and BNP Paribas giving it a "strong-buy" rating, resulting in a consensus rating of "Moderate Buy."
• Public Storage's stock is currently trading at $282.97, significantly lower than its 12-month high of $369.99, reflecting its performance against a backdrop of varied analyst opinions and market conditions.

Public Storage (NYSE:PSA - Get Free Report) had its target price reduced by investment analysts at Barclays from $351.00 to $349.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the real estate investment trust's stock. Barclays's target price suggests a potential upside of 23.34% from the stock's previous close.

A number of other equities analysts also recently commented on PSA. Wall Street Zen downgraded shares of Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. BNP Paribas Exane began coverage on shares of Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective for the company. Evercore ISI increased their price target on shares of Public Storage from $308.00 to $309.00 and gave the company an "in-line" rating in a report on Monday. BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their price target for the company from $340.00 to $325.00 in a report on Friday, June 20th. Finally, BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $335.43.

Public Storage Price Performance

Shares of NYSE:PSA traded down $0.92 during midday trading on Friday, hitting $282.97. The company's stock had a trading volume of 54,599 shares, compared to its average volume of 809,447. The business's 50 day simple moving average is $291.79 and its 200 day simple moving average is $295.41. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The company has a market cap of $49.64 billion, a P/E ratio of 30.87, a price-to-earnings-growth ratio of 4.11 and a beta of 0.86. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping analysts' consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the previous year, the firm earned $4.23 earnings per share. Public Storage's quarterly revenue was up 2.4% compared to the same quarter last year. On average, analysts forecast that Public Storage will post 16.7 EPS for the current year.

Hedge Funds Weigh In On Public Storage

Hedge funds have recently added to or reduced their stakes in the company. Marshall & Sullivan Inc. WA acquired a new stake in shares of Public Storage during the second quarter worth about $25,000. Harbor Asset Planning Inc. bought a new stake in shares of Public Storage during the 2nd quarter worth approximately $25,000. Ameriflex Group Inc. bought a new stake in shares of Public Storage during the 4th quarter worth approximately $30,000. Spectrum Wealth Counsel LLC bought a new stake in shares of Public Storage during the 1st quarter worth approximately $30,000. Finally, NewSquare Capital LLC raised its stake in shares of Public Storage by 60.6% during the 2nd quarter. NewSquare Capital LLC now owns 106 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 40 shares in the last quarter. 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.

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