Mizuho Raises Public Storage (NYSE:PSA) Price Target to $309.00

Public Storage (NYSE:PSA - Get Free Report) had its price target hoisted by equities research analysts at Mizuho from $287.00 to $309.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the real estate investment trust's stock. Mizuho's price target would suggest a potential upside of 2.42% from the company's current price.

Several other equities research analysts have also commented on PSA. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective on the stock in a research report on Thursday, April 10th. Evercore ISI boosted their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. Bank of America lifted their target price on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Scotiabank boosted their price objective on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Finally, Royal Bank of Canada reduced their price objective on Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a research note on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $339.25.

Public Storage Trading Up 0.5%

NYSE:PSA traded up $1.55 during midday trading on Wednesday, hitting $301.69. 313,188 shares of the company traded hands, compared to its average volume of 744,039. The firm's fifty day moving average is $293.81 and its 200-day moving average is $304.03. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The firm has a market capitalization of $52.93 billion, a P/E ratio of 31.33, a P/E/G ratio of 4.91 and a beta of 0.91. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The business's revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm posted $4.03 earnings per share. On average, sell-side analysts predict that Public Storage will post 16.7 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Retirement Planning Co of New England Inc. boosted its stake in Public Storage by 1.6% during the 1st quarter. Retirement Planning Co of New England Inc. now owns 2,084 shares of the real estate investment trust's stock valued at $624,000 after purchasing an additional 33 shares during the period. Shum Financial Group Inc. grew its stake in shares of Public Storage by 1.7% during the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock worth $625,000 after purchasing an additional 35 shares during the period. Werba Rubin Papier Wealth Management boosted its position in shares of Public Storage by 1.7% during the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock worth $681,000 after buying an additional 38 shares during the period. Lido Advisors LLC increased its position in Public Storage by 0.9% during the fourth quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock worth $1,287,000 after buying an additional 39 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in shares of Public Storage by 3.1% in the first quarter. Meeder Asset Management Inc. now owns 1,295 shares of the real estate investment trust's stock valued at $388,000 after purchasing an additional 39 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

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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