Public Storage (NYSE:PSA) Price Target Raised to $309.00 at Evercore ISI

Key Points

• Evercore ISI has increased the price target for Public Storage (NYSE:PSA) from $308.00 to $309.00, indicating a potential upside of 9.67% from the stock's previous close, while maintaining an "in-line" rating.
• The stock has received varied ratings from analysts, with eight buy ratings, six hold ratings, and one sell rating, and currently holds a consensus rating of "Moderate Buy" with an average target price of $335.57.
• Public Storage's stock recently traded at $281.75, with a 52-week high of $369.99 and a low of $256.60, reflecting its solid market position as a leading self-storage REIT.

Public Storage (NYSE:PSA - Free Report) had its price objective hoisted by Evercore ISI from $308.00 to $309.00 in a report released on Monday morning,Benzinga reports. The firm currently has an in-line rating on the real estate investment trust's stock.

A number of other equities analysts have also recently weighed in on the stock. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research report on Thursday, April 10th. BNP Paribas Exane initiated coverage on shares of Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price target on the stock. Royal Bank Of Canada reduced their price target on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research report on Friday, August 1st. Barclays reduced their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Finally, Wall Street Zen cut shares of Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus target price of $335.57.

Public Storage Stock Up 0.5%

NYSE PSA traded up $1.28 during trading hours on Monday, hitting $283.10. The company had a trading volume of 130,663 shares, compared to its average volume of 811,503. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a market capitalization of $49.66 billion, a price-to-earnings ratio of 30.88, a P/E/G ratio of 4.10 and a beta of 0.86. 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 firm's 50 day moving average is $292.64 and its 200 day moving average is $295.59.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $4.23 EPS. Sell-side analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PSA. Retirement Planning Co of New England Inc. grew its position in Public Storage by 1.6% in the first quarter. Retirement Planning Co of New England Inc. now owns 2,084 shares of the real estate investment trust's stock worth $624,000 after buying an additional 33 shares during the last quarter. Shum Financial Group Inc. boosted its stake in shares of Public Storage by 1.7% during the 1st quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock valued at $625,000 after buying an additional 35 shares during the period. Whitener Capital Management Inc. raised its holdings in shares of Public Storage by 2.3% during the 2nd quarter. Whitener Capital Management Inc. now owns 1,610 shares of the real estate investment trust's stock valued at $472,000 after purchasing an additional 36 shares in the last quarter. Rosenberg Matthew Hamilton raised its holdings in shares of Public Storage by 9.5% during the 2nd quarter. Rosenberg Matthew Hamilton now owns 416 shares of the real estate investment trust's stock valued at $122,000 after purchasing an additional 36 shares in the last quarter. Finally, Mather Group LLC. raised its holdings in shares of Public Storage by 4.6% during the 2nd quarter. Mather Group LLC. now owns 864 shares of the real estate investment trust's stock valued at $253,000 after purchasing an additional 38 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.