Wells Fargo & Company Increases Public Storage (NYSE:PSA) Price Target to $375.00

Public Storage (NYSE:PSA - Get Free Report) had its price target boosted by analysts at Wells Fargo & Company from $320.00 to $375.00 in a report released on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the real estate investment trust's stock. Wells Fargo & Company's price objective points to a potential upside of 13.00% from the stock's current price.

Other analysts have also recently issued research reports about the company. Wolfe Research upgraded Public Storage to a "strong-buy" rating in a report on Wednesday, September 4th. Evercore ISI reduced their target price on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a report on Monday, October 14th. Royal Bank of Canada assumed coverage on Public Storage in a research report on Tuesday, September 10th. They issued a "sector perform" rating and a $358.00 target price for the company. Bank of America downgraded Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. Finally, Citigroup increased their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have assigned a strong buy 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 $340.93.

Public Storage Trading Down 4.0 %

Shares of NYSE:PSA traded down $13.77 during trading on Monday, reaching $331.85. The stock had a trading volume of 817,260 shares, compared to its average volume of 724,626. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market cap of $58.08 billion, a P/E ratio of 31.10, a PEG ratio of 4.87 and a beta of 0.68. The business has a fifty day moving average price of $345.72 and a 200-day moving average price of $305.38. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business's revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.28 earnings per share. As a group, analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Public Storage

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSA. Petredis Investment Advisors LLC lifted its holdings in shares of Public Storage by 0.4% in the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust's stock valued at $2,497,000 after buying an additional 30 shares during the period. Signet Financial Management LLC grew its holdings in shares of Public Storage by 2.1% in the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust's stock worth $555,000 after acquiring an additional 39 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Public Storage by 0.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust's stock worth $1,201,000 after purchasing an additional 39 shares during the period. Brookstone Capital Management lifted its holdings in shares of Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust's stock valued at $354,000 after purchasing an additional 40 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC increased its stake in Public Storage by 3.5% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust's stock worth $357,000 after purchasing an additional 42 shares in the last quarter. Institutional investors 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.