Raymond James Upgrades Public Storage (NYSE:PSA) to Strong-Buy

Public Storage (NYSE:PSA) was upgraded by Raymond James from a “market perform” rating to a “strong-buy” rating in a report issued on Thursday, Marketbeat Ratings reports. The firm presently has a $330.00 price target on the real estate investment trust’s stock. Raymond James’ price target points to a potential upside of 14.54% from the stock’s current price.

PSA has been the subject of a number of other research reports. Scotiabank boosted their price target on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. Wells Fargo & Company downgraded Public Storage from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $270.00 to $280.00 in a report on Tuesday, December 12th. BMO Capital Markets lifted their price target on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Truist Financial boosted their target price on Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $302.50.

Public Storage Stock Performance

NYSE:PSA opened at $288.10 on Thursday. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market capitalization of $50.62 billion, a P/E ratio of 26.05, a P/E/G ratio of 3.61 and a beta of 0.54. Public Storage has a 1 year low of $233.18 and a 1 year high of $316.48. The business has a fifty day simple moving average of $284.05 and a two-hundred day simple moving average of $275.27.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the company posted $4.16 earnings per share. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Nomura Holdings Inc. purchased a new stake in shares of Public Storage in the fourth quarter valued at approximately $8,568,000. HighPoint Advisor Group LLC purchased a new stake in Public Storage in the fourth quarter worth about $523,000. Cape ANN Savings Bank grew its holdings in Public Storage by 9.5% during the 4th quarter. Cape ANN Savings Bank now owns 2,555 shares of the real estate investment trust’s stock worth $724,000 after acquiring an additional 221 shares in the last quarter. Leo Wealth LLC purchased a new position in Public Storage during the 4th quarter valued at about $264,000. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Public Storage in the 4th quarter valued at about $37,000. Hedge funds and other 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.