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

Public Storage (NYSE:PSA - Get Free Report) had its price objective hoisted by equities research analysts at Evercore ISI from $297.00 to $309.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "in-line" rating on the real estate investment trust's stock. Evercore ISI's price objective would suggest a potential upside of 2.91% from the stock's current price.

A number of other equities analysts also recently issued reports on PSA. Wells Fargo & Company dropped their price target on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Mizuho assumed coverage on Public Storage in a research report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price target on the stock. Scotiabank raised shares of Public Storage from a "sector perform" rating to a "sector outperform" rating and dropped their target price for the stock from $333.00 to $305.00 in a report on Wednesday, April 9th. Bank of America raised shares of Public Storage from a "neutral" rating to a "buy" rating and lifted their price target for the company from $349.00 to $368.00 in a research report on Tuesday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and boosted their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and a consensus price target of $333.75.

Public Storage Stock Performance

Shares of Public Storage stock traded up $0.11 during trading on Friday, hitting $300.26. 861,338 shares of the company's stock traded hands, compared to its average volume of 739,527. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $52.67 billion, a P/E ratio of 31.18, a PEG ratio of 4.91 and a beta of 0.76. The business has a 50-day simple moving average of $294.73 and a 200-day simple moving average of $307.76. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the company posted $4.03 EPS. The firm's revenue for the quarter was up .1% compared to the same quarter last year. As a group, analysts forecast that Public Storage will post 16.7 EPS for the current year.

Hedge Funds Weigh In On Public Storage

Institutional investors have recently made changes to their positions in the business. Shum Financial Group Inc. increased its position 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 worth $625,000 after purchasing an additional 35 shares in the last quarter. Doliver Advisors LP lifted its position in Public Storage by 2.6% in the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust's stock valued at $433,000 after acquiring an additional 36 shares in the last quarter. Brooklyn Investment Group lifted its position in shares of Public Storage by 3.4% in the fourth quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust's stock worth $345,000 after purchasing an additional 38 shares in the last quarter. Werba Rubin Papier Wealth Management raised its position in Public Storage by 1.7% during the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock worth $681,000 after acquiring an additional 38 shares in the last quarter. Finally, Lido Advisors LLC increased its holdings in shares of Public Storage by 0.9% in the fourth quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock valued at $1,287,000 after purchasing an additional 39 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

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.