Public Storage (NYSE:PSA) Lifted to "Overweight" at Wells Fargo & Company

Public Storage (NYSE:PSA - Get Free Report) was upgraded by Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a note issued to investors on Friday, MarketBeat.com reports. The firm currently has a $310.00 target price on the real estate investment trust's stock, up from their previous target price of $280.00. Wells Fargo & Company's price objective points to a potential upside of 9.71% from the company's current price.

Other research analysts also recently issued research reports about the stock. Barclays started coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an "overweight" rating and a $330.00 price objective for the company. BMO Capital Markets upped their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an "outperform" rating in a research note on Tuesday, March 19th. Truist Financial upped their price objective on shares of Public Storage from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Thursday, December 28th. Raymond James raised shares of Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 price objective for the company in a research note on Thursday, March 28th. Finally, The Goldman Sachs Group boosted their target price on Public Storage from $307.00 to $340.00 and gave the stock a "buy" rating in a report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given 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 $305.00.

Public Storage Price Performance

PSA stock traded up $1.93 during trading on Friday, hitting $282.57. The stock had a trading volume of 436,914 shares, compared to its average volume of 739,767. The company's 50 day moving average price is $283.17 and its two-hundred day moving average price is $275.81. Public Storage has a 1-year low of $233.18 and a 1-year high of $316.48. The stock has a market cap of $49.64 billion, a price-to-earnings ratio of 25.55, a price-to-earnings-growth ratio of 3.68 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the company earned $4.16 EPS. The company's revenue was up 6.6% compared to the same quarter last year. On average, sell-side analysts forecast that Public Storage will post 16.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Public Storage

Institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its holdings in Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 44 shares during the period. Sunbelt Securities Inc. purchased a new position in Public Storage in the 1st quarter worth approximately $26,000. Core Wealth Advisors Inc. purchased a new position in Public Storage in the 4th quarter worth approximately $30,000. ICA Group Wealth Management LLC purchased a new position in Public Storage in the 4th quarter worth approximately $29,000. Finally, Private Ocean LLC boosted its holdings in Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust's stock worth $34,000 after acquiring an additional 109 shares during the period. Hedge funds and other 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.