Scotiabank Forecasts Strong Price Appreciation for Public Storage (NYSE:PSA) Stock

Public Storage (NYSE:PSA - Get Free Report) had its price target upped by research analysts at Scotiabank from $305.00 to $340.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "sector outperform" rating on the real estate investment trust's stock. Scotiabank's price target suggests a potential upside of 12.44% from the company's previous close.

PSA has been the topic of a number of other reports. Evercore ISI increased their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Bank of America upgraded shares of Public Storage from a "neutral" rating to a "buy" rating and raised their target price for the stock from $349.00 to $368.00 in a report on Tuesday, April 22nd. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Royal Bank of Canada dropped their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a research note on Friday, May 2nd. Finally, Barclays reaffirmed an "overweight" rating and issued a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $336.67.

Public Storage Stock Down 0.6%

PSA stock traded down $1.68 during midday trading on Monday, reaching $302.39. 210,646 shares of the company's stock traded hands, compared to its average volume of 742,174. The company has a market cap of $53.05 billion, a price-to-earnings ratio of 31.37, a P/E/G ratio of 4.91 and a beta of 0.91. The firm's fifty day moving average price is $294.18 and its 200-day moving average price is $306.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business's revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.03 EPS. As a group, sell-side analysts forecast 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. Barclays PLC grew its holdings in shares of Public Storage by 2.9% in the third quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust's stock worth $169,433,000 after purchasing an additional 13,065 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Public Storage by 70.0% in the fourth quarter. Harbor Capital Advisors Inc. now owns 255 shares of the real estate investment trust's stock worth $76,000 after purchasing an additional 105 shares during the last quarter. Graypoint LLC grew its holdings in Public Storage by 7.5% during the 4th quarter. Graypoint LLC now owns 747 shares of the real estate investment trust's stock worth $224,000 after acquiring an additional 52 shares in the last quarter. Czech National Bank grew its holdings in Public Storage by 6.5% during the 4th quarter. Czech National Bank now owns 34,170 shares of the real estate investment trust's stock worth $10,232,000 after acquiring an additional 2,083 shares in the last quarter. Finally, Capital Investment Advisors LLC grew its holdings in Public Storage by 25.4% during the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock worth $8,566,000 after acquiring an additional 5,793 shares in 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.

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