Public Storage (NYSE:PSA) PT Lowered to $365.00

Public Storage (NYSE:PSA – Get Rating) had its price target reduced by stock analysts at Raymond James from $375.00 to $365.00 in a report issued on Monday, The Fly reports. Raymond James’ price target would indicate a potential upside of 16.65% from the company’s current price.

Other research analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $335.00 price objective for the company. in a report on Wednesday, May 18th. StockNews.com raised shares of Public Storage from a “hold” rating to a “buy” rating in a report on Friday, May 6th. Morgan Stanley lifted their price target on shares of Public Storage from $333.00 to $357.00 and gave the company an “equal weight” rating in a report on Tuesday, March 1st. The Goldman Sachs Group lifted their price target on shares of Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a report on Thursday, April 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Public Storage from $385.00 to $434.00 and gave the company an “overweight” rating in a report on Monday, April 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $361.00.

Public Storage stock opened at $312.91 on Monday. Public Storage has a 12-month low of $275.27 and a 12-month high of $421.76. The company has a market capitalization of $54.90 billion, a price-to-earnings ratio of 30.41, a price-to-earnings-growth ratio of 2.83 and a beta of 0.28. The company has a debt-to-equity ratio of 1.39, a current ratio of 2.07 and a quick ratio of 2.07. The firm’s fifty day moving average price is $371.67 and its 200 day moving average price is $359.42.

Public Storage (NYSE:PSA – Get Rating) last announced its quarterly earnings data on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share for the quarter, missing the consensus estimate of $3.59 by ($0.96). The company had revenue of $749.27 million for the quarter, compared to analyst estimates of $985.58 million. Public Storage had a return on equity of 38.01% and a net margin of 54.79%. Public Storage’s revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.82 earnings per share. Analysts forecast 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 business’s stock in a transaction that occurred on Tuesday, March 15th. The shares were sold at an average price of $358.25, for a total value of $1,791,250.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 11.00% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sawtooth Solutions LLC raised its holdings in shares of Public Storage by 7.1% in the 1st quarter. Sawtooth Solutions LLC now owns 1,345 shares of the real estate investment trust’s stock worth $525,000 after purchasing an additional 89 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in shares of Public Storage by 8.4% during the first quarter. EP Wealth Advisors LLC now owns 1,137 shares of the real estate investment trust’s stock valued at $444,000 after acquiring an additional 88 shares during the period. Orion Portfolio Solutions LLC raised its holdings in shares of Public Storage by 7.7% during the first quarter. Orion Portfolio Solutions LLC now owns 3,222 shares of the real estate investment trust’s stock valued at $1,258,000 after acquiring an additional 231 shares during the period. Wahed Invest LLC acquired a new stake in shares of Public Storage during the first quarter valued at approximately $692,000. Finally, Wealthfront Advisers LLC raised its holdings in shares of Public Storage by 34.5% during the first quarter. Wealthfront Advisers LLC now owns 22,289 shares of the real estate investment trust’s stock valued at $8,699,000 after acquiring an additional 5,721 shares during the period. Institutional investors and hedge funds 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.

Recommended Stories