Public Storage (NYSE:PSA) Downgraded by BMO Capital Markets to Market Perform

Public Storage (NYSE:PSA - Get Free Report) was downgraded by investment analysts at BMO Capital Markets from an "outperform" rating to a "market perform" rating in a report released on Friday,Finviz reports. They currently have a $325.00 price objective on the real estate investment trust's stock. BMO Capital Markets' price objective suggests a potential upside of 11.73% from the company's current price.

A number of other analysts also recently issued reports on the stock. Royal Bank Of Canada dropped their target price on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a research report on Friday, May 2nd. Evercore ISI increased their target price on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Scotiabank raised their price objective on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a report on Thursday, April 10th. Finally, Bank of America increased their target price on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $338.15.

Public Storage Stock Down 0.9%

PSA stock opened at $290.87 on Friday. The firm has a market cap of $51.03 billion, a PE ratio of 28.89, a PEG ratio of 4.21 and a beta of 0.89. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The company has a fifty day simple moving average of $298.32 and a 200 day simple moving average of $299.61.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the business earned $4.03 earnings per share. The company's revenue for the quarter was up .1% compared to the same quarter last year. Sell-side analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Public Storage

A number of institutional investors and hedge funds have recently modified their holdings of PSA. Principal Securities Inc. increased its position in shares of Public Storage by 15.4% during the fourth quarter. Principal Securities Inc. now owns 2,584 shares of the real estate investment trust's stock worth $774,000 after purchasing an additional 344 shares in the last quarter. D.A. Davidson & CO. lifted its stake in shares of Public Storage by 1.4% in the 4th quarter. D.A. Davidson & CO. now owns 9,302 shares of the real estate investment trust's stock valued at $2,786,000 after purchasing an additional 129 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in shares of Public Storage by 156.0% in the 4th quarter. Venturi Wealth Management LLC now owns 233 shares of the real estate investment trust's stock valued at $70,000 after purchasing an additional 142 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Public Storage during the 4th quarter worth about $75,000. Finally, Handelsbanken Fonder AB lifted its stake in Public Storage by 14.2% during the 4th quarter. Handelsbanken Fonder AB now owns 83,094 shares of the real estate investment trust's stock worth $24,882,000 after acquiring an additional 10,353 shares in the last quarter. Institutional investors and hedge funds 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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