Public Storage (NYSE:PSA) Rating Lowered to Sell at Wall Street Zen

Key Points

• Public Storage has been downgraded by Wall Street Zen from a "hold" to a "sell" rating, reflecting shifting analyst sentiment towards the company.
• Despite the downgrade, the firm maintains a consensus rating of "Moderate Buy" with an average target price of $335.57.
• Public Storage reported earnings per share of $4.28 for the last quarter, slightly above expectations, with revenue growth of 2.4% year-over-year.

Public Storage (NYSE:PSA - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

PSA has been the subject of several other reports. Barclays decreased their price objective on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. BNP Paribas Exane assumed 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 for the company. BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $340.00 to $325.00 in a report on Friday, June 20th. Finally, Evercore ISI increased their price target on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage presently has a consensus rating of "Moderate Buy" and an average target price of $335.57.

Public Storage Trading Up 2.7%

Shares of NYSE PSA opened at $279.34 on Friday. The business has a fifty day simple moving average of $293.33 and a two-hundred day simple moving average of $295.77. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The firm has a market cap of $49.00 billion, a PE ratio of 30.46, a price-to-earnings-growth ratio of 3.97 and a beta of 0.86. The company has a quick ratio of 0.55, a current ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. Public Storage's revenue was up 2.4% compared to the same quarter last year. During the same period last year, the firm earned $4.23 earnings per share. Analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Institutional Trading of Public Storage

A number of large investors have recently added to or reduced their stakes in the business. Marshall & Sullivan Inc. WA purchased a new stake in shares of Public Storage in the second quarter valued at $25,000. Harbor Asset Planning Inc. acquired a new position in Public Storage during the second quarter valued at $25,000. Ameriflex Group Inc. purchased a new stake in Public Storage in the 4th quarter worth about $30,000. Spectrum Wealth Counsel LLC purchased a new stake in Public Storage in the 1st quarter worth about $30,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Public Storage during the 4th quarter worth about $32,000. 78.79% of the stock is currently owned by institutional investors.

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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