Wells Fargo & Company Increases Public Storage (NYSE:PSA) Price Target to $375.00

Public Storage (NYSE:PSA) had its price target hoisted by analysts at Wells Fargo & Company from $320.00 to $375.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target points to a potential upside of 10.80% from the company’s previous close.

A number of other research analysts have also weighed in on PSA. Morgan Stanley boosted their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. Jefferies Financial Group upped their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Barclays upped their price objective on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Evercore ISI cut their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $340.93.

Public Storage Stock Down 2.1 %

NYSE:PSA traded down $7.18 during trading hours on Monday, reaching $338.44. The company’s stock had a trading volume of 63,389 shares, compared to its average volume of 705,471. The company has a market cap of $59.47 billion, a price-to-earnings ratio of 30.74, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68. Public Storage has a one year low of $233.18 and a one year high of $369.99. The business’s 50-day moving average is $345.72 and its 200-day moving average is $305.38. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $4.28 EPS. Equities research analysts predict that Public Storage will post 16.73 EPS for the current year.

Institutional Investors Weigh In On Public Storage

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Global Assets Advisory LLC acquired a new stake in shares of Public Storage during the first quarter worth $7,319,000. Centersquare Investment Management LLC grew its position in Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in Public Storage during the 2nd quarter worth about $14,301,000. PGGM Investments boosted its stake in shares of Public Storage by 8.0% during the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after buying an additional 12,396 shares during the last quarter. Finally, Swedbank AB acquired a new position in shares of Public Storage during the 1st quarter worth about $17,465,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

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.