Public Storage (NYSE:PSA) Rating Lowered to Hold at Zacks Investment Research

Public Storage (NYSE:PSAGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. They presently have a $335.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 6.77% from the stock’s current price.

According to Zacks, “Public Storage's better-than-expected first-quarter 2022 results highlighted an improvement in the realized annual rent per available square foot. The self-storage REIT also benefited from its expansion efforts through acquisitions, developments and extensions. Public Storage is the most recognized and established name in the self-storage industry, with its presence across all the major metropolitan markets of the United States. Apart from high brand value, Public Storage is poised to grow amid favorable self-storage industry fundamentals, with a healthy balance sheet position and technological advantage. Also, its shares have outperformed the industry over the past year. However, a development boom in many markets might intensify competition. A likely rise in vacating volumes, with the abatement of the pandemic, remains a concern.”

PSA has been the topic of several other research reports. Morgan Stanley upped their price objective on Public Storage from $333.00 to $357.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 1st. The Goldman Sachs Group upped their price objective on Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a research note on Thursday, April 14th. Truist Financial upped their price objective on Public Storage from $353.00 to $380.00 in a research note on Tuesday, January 18th. JPMorgan Chase & Co. upped their price objective on Public Storage from $385.00 to $434.00 and gave the company an “overweight” rating in a research note on Monday, April 4th. Finally, StockNews.com upgraded Public Storage from a “hold” rating to a “buy” rating in a research note on Friday, May 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $361.08.

Shares of NYSE:PSA traded down $2.70 during trading on Wednesday, hitting $313.76. The company’s stock had a trading volume of 6,852 shares, compared to its average volume of 868,018. The company has a debt-to-equity ratio of 1.39, a quick ratio of 2.07 and a current ratio of 2.07. Public Storage has a fifty-two week low of $270.43 and a fifty-two week high of $421.76. The stock’s 50-day moving average price is $374.99 and its two-hundred day moving average price is $359.74. The company has a market capitalization of $55.05 billion, a PE ratio of 30.49, a PEG ratio of 2.85 and a beta of 0.28.

Public Storage (NYSE:PSAGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 EPS for the quarter, missing the consensus estimate of $3.59 by ($0.96). Public Storage had a return on equity of 38.01% and a net margin of 54.79%. The business had revenue of $749.27 million during the quarter, compared to analyst estimates of $985.58 million. During the same quarter last year, the firm posted $2.82 EPS. The company’s revenue was up 15.8% compared to the same quarter last year. On average, equities analysts predict that Public Storage will post 15.5 earnings per share for the current fiscal year.

In related news, Director Rebecca L. Owen sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $358.25, for a total value of $1,791,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 11.00% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSA. EverSource Wealth Advisors LLC acquired a new stake in Public Storage in the fourth quarter worth approximately $25,000. Mystic Asset Management Inc. acquired a new stake in Public Storage in the fourth quarter worth approximately $26,000. Lee Financial Co acquired a new stake in Public Storage in the fourth quarter worth approximately $27,000. CVA Family Office LLC acquired a new stake in Public Storage in the fourth quarter worth approximately $30,000. Finally, Investors Research Corp lifted its position in Public Storage by 102.5% in the first quarter. Investors Research Corp now owns 81 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 41 shares during the period. Hedge funds and other institutional investors own 78.54% of the company’s stock.

About Public Storage (Get Rating)

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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

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