Public Storage (NYSE:PSA) Given New $309.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has lowered its price target for Public Storage (NYSE: PSA) from $328.00 to $309.00, maintaining a "sector perform" rating, with an expected upside of 11.26%.
• Public Storage's stock has recently traded up by 2.1% to a price of $277.74, with a market capitalization of $48.72 billion.
• According to data from MarketBeat.com, Public Storage has an average analyst rating of "Moderate Buy" and a consensus target price of $335.57, reflecting a mix of hold and buy ratings from various analysts.

Public Storage (NYSE:PSA - Get Free Report) had its target price lowered by investment analysts at Royal Bank Of Canada from $328.00 to $309.00 in a report released on Friday,Benzinga reports. The firm currently has a "sector perform" rating on the real estate investment trust's stock. Royal Bank Of Canada's target price indicates a potential upside of 11.26% from the stock's current price.

Other equities analysts have also issued reports about the stock. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a report on Thursday, April 10th. Barclays cut their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $340.00 to $325.00 in a report on Friday, June 20th. Finally, BNP Paribas Exane assumed coverage on shares of Public Storage in a report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $335.57.

Public Storage Stock Up 2.1%

NYSE:PSA traded up $5.80 during trading hours on Friday, reaching $277.74. The company's stock had a trading volume of 476,772 shares, compared to its average volume of 806,289. The company has a market capitalization of $48.72 billion, a P/E ratio of 30.27, a price-to-earnings-growth ratio of 4.21 and a beta of 0.86. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a 50 day moving average price of $293.68 and a two-hundred day moving average price of $295.85.

Public Storage (NYSE:PSA - Get Free Report) last released 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 33.66%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the previous year, the company earned $4.23 earnings per share. The business's revenue for the quarter was up 2.4% on a year-over-year basis. Equities analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its position in Public Storage by 12.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock valued at $13,240,000 after purchasing an additional 4,746 shares during the period. Brighton Jones LLC raised its position in shares of Public Storage by 9.7% in the first quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock worth $517,000 after acquiring an additional 152 shares during the period. Asset Management One Co. Ltd. raised its position in shares of Public Storage by 1.2% in the first quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock worth $92,960,000 after acquiring an additional 3,627 shares during the period. Private Trust Co. NA raised its position in shares of Public Storage by 228.1% in the first quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock worth $640,000 after acquiring an additional 1,487 shares during the period. Finally, Summit Trail Advisors LLC raised its position in shares of Public Storage by 43.3% in the first quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock worth $1,083,000 after acquiring an additional 1,093 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

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.

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