Public Storage (NYSE:PSA) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Public Storage (NYSE:PSA) has received a consensus rating of "Moderate Buy" from analysts, with two analysts recommending a strong buy and six rating it as a hold.
• The stock's average target price among analysts is $335.43, indicating potential growth from its current price of around $293.48.
• Public Storage reported quarterly earnings of $4.28 per share, exceeding analysts' expectations and showing a 2.4% year-over-year revenue increase.

Public Storage (NYSE:PSA - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the sixteen ratings firms that are presently covering the company, MarketBeat reports. Six analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $335.4286.

Several research firms recently issued reports on PSA. Scotiabank increased their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Barclays dropped their price target on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Wells Fargo & Company dropped their price target on shares of Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a research report on Wednesday, July 23rd. Finally, Mizuho increased their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th.

Public Storage Stock Performance

Shares of NYSE PSA traded down $0.79 during mid-day trading on Friday, hitting $289.05. The company had a trading volume of 760,115 shares, compared to its average volume of 797,614. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The business's 50-day simple moving average is $287.66 and its 200-day simple moving average is $294.34. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The firm has a market cap of $50.71 billion, a P/E ratio of 31.52, a PEG ratio of 4.88 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the prior year, the business posted $4.23 earnings per share. The company's quarterly revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Institutional Trading of Public Storage

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Public Storage by 0.4% in the second quarter. Vanguard Group Inc. now owns 20,815,476 shares of the real estate investment trust's stock valued at $6,107,677,000 after purchasing an additional 79,580 shares in the last quarter. State Street Corp increased its holdings in shares of Public Storage by 1.2% in the second quarter. State Street Corp now owns 10,613,807 shares of the real estate investment trust's stock valued at $3,114,303,000 after purchasing an additional 126,113 shares in the last quarter. Norges Bank acquired a new stake in shares of Public Storage in the second quarter valued at approximately $1,153,971,000. JPMorgan Chase & Co. increased its holdings in shares of Public Storage by 3.4% in the second quarter. JPMorgan Chase & Co. now owns 3,157,067 shares of the real estate investment trust's stock valued at $926,357,000 after purchasing an additional 103,965 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Public Storage by 1.0% in the first quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust's stock valued at $894,177,000 after purchasing an additional 30,775 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

About Public Storage

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.