Public Storage (NYSE:PSA) Stock Price Expected to Rise, Truist Financial Analyst Says

Public Storage (NYSE:PSA) had its target price raised by equities researchers at Truist Financial from $317.00 to $365.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Truist Financial‘s price target indicates a potential upside of 9.53% from the company’s current price.

A number of other research firms also recently commented on PSA. Scotiabank dropped their price objective on Public Storage from $346.00 to $343.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, September 2nd. Wells Fargo & Company set a $311.00 price objective on Public Storage in a report on Tuesday, September 1st. UBS Group raised their target price on Public Storage from $294.00 to $334.00 and gave the company a “neutral” rating in a research note on Wednesday, November 4th. JPMorgan Chase & Co. lowered their target price on Public Storage from $338.00 to $330.00 and set a “neutral” rating on the stock in a report on Monday, September 21st. Finally, Wall Street Zen cut shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $328.32.

Public Storage Price Performance

NYSE:PSA traded down $2.48 during midday trading on Thursday, hitting $333.25. 314,954 shares of the stock were exchanged, compared to its average volume of 1,063,664. Public Storage has a one year low of $256.54 and a one year high of $345.89. The company has a market capitalization of $62.27 billion, a price-to-earnings ratio of 34.89, a P/E/G ratio of 4.97 and a beta of 0.89. The business has a 50-day moving average price of $302.31 and a two-hundred day moving average price of $304.77. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.16.

Public Storage (NYSE:PSA) last released its earnings results on Monday, October 26th. The real estate investment trust reported $1.69 earnings per share for the quarter, missing analysts’ consensus estimates of $2.49 by ($0.80). The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.34 billion. Public Storage had a return on equity of 29.93% and a net margin of 37.76%. The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the company earned $4.31 earnings per share. Sell-side analysts predict that Public Storage will post 16.97 EPS for the current year.

Institutional Investors Weigh In On Public Storage

A number of institutional investors and hedge funds have recently modified their holdings of the stock. First Trust Advisors LP boosted its stake in shares of Public Storage by 9.0% during the 3rd quarter. First Trust Advisors LP now owns 166,509 shares of the real estate investment trust’s stock worth $47,095,000 after acquiring an additional 13,743 shares in the last quarter. Texas Yale Capital Corp. raised its position in shares of Public Storage by 15.7% during the third quarter. Texas Yale Capital Corp. now owns 7,559 shares of the real estate investment trust’s stock worth $2,138,000 after purchasing an additional 1,025 shares during the period. State Street Corp lifted its holdings in shares of Public Storage by 7.5% during the third quarter. State Street Corp now owns 10,894,599 shares of the real estate investment trust’s stock valued at $3,112,944,000 after purchasing an additional 760,808 shares during the last quarter. Resona Asset Management Co. Ltd. lifted its holdings in shares of Public Storage by 5.7% during the third quarter. Resona Asset Management Co. Ltd. now owns 98,192 shares of the real estate investment trust’s stock valued at $27,989,000 after purchasing an additional 5,290 shares during the last quarter. Finally, Rathbones Group PLC lifted its holdings in shares of Public Storage by 3.6% during the third quarter. Rathbones Group PLC now owns 68,007 shares of the real estate investment trust’s stock valued at $19,235,000 after purchasing an additional 2,362 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

About Public Storage

Public Storage is a real estate investment trust that owns and operates self-storage facilities. Its properties offer individuals and businesses rental storage units in a range of sizes for household goods, business inventory, and other belongings. The company also provides related services, including storage protection plans. Founded in 1972, Public Storage has grown into a major self-storage provider in the United States, with facilities serving customers across the country. Its business also has a connection to Europe through its investment in Shurgard Self Storage, which operates self-storage properties in several European markets.