Public Storage (NYSE:PSA) PT Raised to $315.00 at Morgan Stanley

Public Storage (NYSE:PSA) had its target price upped by analysts at Morgan Stanley from $293.00 to $315.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price target would suggest a potential downside of 10.76% from the company’s previous close.

PSA has been the topic of a number of other reports. Citigroup raised their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Jefferies Financial Group lifted their price target 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 increased their price target on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Evercore ISI lifted their price objective on Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $337.36.

Public Storage Stock Performance

NYSE PSA opened at $353.00 on Wednesday. Public Storage has a 52-week low of $233.18 and a 52-week high of $369.99. The stock has a market cap of $61.78 billion, a PE ratio of 32.06, a P/E/G ratio of 5.02 and a beta of 0.67. The firm has a 50-day moving average of $337.15 and a 200-day moving average of $300.22. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the business posted $4.28 earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, sell-side analysts anticipate that Public Storage will post 16.75 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PSA. Czech National Bank increased its position in Public Storage by 6.5% in the 3rd quarter. Czech National Bank now owns 32,087 shares of the real estate investment trust’s stock valued at $11,675,000 after acquiring an additional 1,950 shares during the period. Massmutual Trust Co. FSB ADV grew its position in shares of Public Storage by 2.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 20,980 shares of the real estate investment trust’s stock valued at $7,634,000 after buying an additional 414 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Public Storage in the second quarter valued at about $2,442,000. Creekside Partners bought a new position in shares of Public Storage during the second quarter worth about $320,000. Finally, Heartland Bank & Trust Co raised its holdings in Public Storage by 4.5% during the 2nd quarter. Heartland Bank & Trust Co now owns 1,510 shares of the real estate investment trust’s stock worth $434,000 after purchasing an additional 65 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

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.