Public Storage (NYSE:PSA) PT Lowered to $308.00

Public Storage (NYSE:PSA) had its price target lowered by investment analysts at Scotiabank from $314.00 to $308.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price target would indicate a potential downside of 0.90% from the stock’s current price.

Several other research firms have also recently commented on PSA. Barclays cut their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Evercore ISI raised their price target on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Wells Fargo & Company lifted their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday. Finally, Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $309.92.

Public Storage Stock Down 0.6 %

Shares of NYSE:PSA traded down $1.85 during midday trading on Wednesday, hitting $310.79. 530,947 shares of the company’s stock traded hands, compared to its average volume of 721,805. The firm’s fifty day moving average price is $290.44 and its two-hundred day moving average price is $282.97. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.54 and a current ratio of 0.93. Public Storage has a twelve month low of $233.18 and a twelve month high of $316.98. The company has a market cap of $54.61 billion, a PE ratio of 28.23, a P/E/G ratio of 4.57 and a beta of 0.65.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS 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 company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $4.28 earnings per share. On average, equities research analysts anticipate that Public Storage will post 16.77 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The stock was acquired at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction dated Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PSA. Vanguard Group Inc. grew its holdings in Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Public Storage by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares during the period. Norges Bank purchased a new stake in shares of Public Storage in the fourth quarter worth approximately $821,151,000. Charles Schwab Investment Management Inc. grew its position in Public Storage by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock valued at $794,161,000 after purchasing an additional 216,331 shares in the last quarter. Finally, APG Asset Management US Inc. increased its stake in Public Storage by 4.7% in the 4th quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after buying an additional 93,122 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

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.