Evercore Issues Pessimistic Forecast for Public Storage (NYSE:PSA) Stock Price

Public Storage (NYSE:PSA) had its target price cut by analysts at Evercore from $311.00 to $309.00 in a research report issued on Monday,MarketScreener reports. Evercore’s price target points to a potential upside of 4.05% from the company’s previous close.

Several other research analysts also recently commented on the stock. Truist Financial increased their price objective on shares of Public Storage from $315.00 to $317.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Wells Fargo & Company cut shares of Public Storage from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $330.00 to $295.00 in a research report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $285.00 price objective for the company. in a research report on Tuesday, January 20th. UBS Group dropped their price objective on shares of Public Storage from $293.00 to $276.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $330.00 target price on shares of Public Storage in a report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $308.22.

Public Storage Price Performance

Shares of NYSE:PSA opened at $296.98 on Monday. The firm has a market cap of $52.12 billion, a price-to-earnings ratio of 33.07, a P/E/G ratio of 6.05 and a beta of 1.02. The firm has a fifty day moving average price of $290.60 and a 200 day moving average price of $283.31. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $312.95. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PSA. Empowered Funds LLC grew its holdings in Public Storage by 13.3% during the 1st quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust’s stock valued at $954,000 after purchasing an additional 373 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Public Storage in the second quarter worth about $929,000. Nebula Research & Development LLC bought a new stake in Public Storage in the second quarter worth about $1,113,000. Treasurer of the State of North Carolina boosted its position in shares of Public Storage by 1.9% during the second quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust’s stock valued at $21,647,000 after buying an additional 1,390 shares during the period. Finally, Ieq Capital LLC grew its stake in shares of Public Storage by 219.8% during the second quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust’s stock valued at $14,140,000 after buying an additional 33,122 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.