Evercore Cuts Public Storage (NYSE:PSA) Price Target to $309.00

Key Points

• Evercore cut its price target on Public Storage (PSA) to $309 from $311, implying roughly a 4.05% upside from the stock's prior close.
• Analyst consensus remains mildly positive with an average target of $308.22 and an overall rating of “Moderate Buy” (2 Strong Buy, 6 Buy, 12 Hold).
• Institutional investors own about 78.79% of PSA—Vanguard, Norges Bank and Capital International increased stakes—while the company trades at a market cap of roughly $52.1 billion and a 52‑week range of $256.54–$312.95.

Public Storage (NYSE:PSA - Get Free Report) had its price objective decreased by investment analysts at Evercore from $311.00 to $309.00 in a note issued to investors on Monday,MarketScreener reports. Evercore's target price suggests a potential upside of 4.05% from the stock's previous close.

Several other research analysts also recently weighed in on the stock. Scotiabank increased their price target on shares of Public Storage from $319.00 to $321.00 and gave the stock a "sector outperform" rating in a research report on Monday, March 23rd. Truist Financial upped their price objective on Public Storage from $315.00 to $317.00 and gave the stock a "buy" rating in a research note on Tuesday, January 20th. UBS Group decreased their target price on Public Storage from $293.00 to $276.00 and set a "neutral" rating on the stock in a report on Thursday, January 8th. Jefferies Financial Group cut their price target on Public Storage from $345.00 to $330.00 and set a "buy" rating for the company in a report on Tuesday. Finally, JPMorgan Chase & Co. reduced their price target on Public Storage from $295.00 to $291.00 and set a "neutral" rating for the company in a research report on Monday, March 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $308.22.

Public Storage Price Performance

NYSE PSA opened at $296.98 on Monday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.05. The firm has a market capitalization of $52.12 billion, a P/E ratio of 33.07, a PEG ratio of 6.05 and a beta of 1.02. The company has a 50-day moving average price of $290.60 and a 200-day moving average price of $283.31. Public Storage has a 52 week low of $256.54 and a 52 week high of $312.95.

Institutional Investors Weigh In On Public Storage

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Public Storage by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust's stock valued at $6,576,534,000 after acquiring an additional 2,274,397 shares during the period. Norges Bank bought a new position in shares of Public Storage in the fourth quarter worth about $1,163,751,000. Capital International Investors grew its position in shares of Public Storage by 821.4% during the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust's stock worth $1,073,032,000 after purchasing an additional 3,686,211 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Public Storage by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,089,143 shares of the real estate investment trust's stock worth $1,056,976,000 after purchasing an additional 66,445 shares in the last quarter. Finally, Cohen & Steers Inc. raised its stake in Public Storage by 9.3% during the 4th quarter. Cohen & Steers Inc. now owns 3,993,623 shares of the real estate investment trust's stock valued at $1,036,375,000 after purchasing an additional 339,882 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Company Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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