Evercore ISI Lowers Public Storage (NYSE:PSA) Price Target to $315.00

Public Storage (NYSE:PSA) had its target price cut by investment analysts at Evercore ISI from $317.00 to $315.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price target would indicate a potential upside of 14.53% from the stock’s previous close.

Several other brokerages also recently commented on PSA. Wells Fargo & Company lifted their target price on shares of Public Storage from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Barclays lowered their price objective on Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. Scotiabank lowered their target price on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 28th. Wall Street Zen upgraded Public Storage from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, JPMorgan Chase & Co. lowered their price objective on Public Storage from $324.00 to $321.00 and set an “overweight” rating on the stock in a research note on Friday, September 12th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $325.38.

Public Storage Stock Performance

Shares of PSA traded down $3.52 during mid-day trading on Monday, reaching $275.04. The company’s stock had a trading volume of 63,327 shares, compared to its average volume of 819,752. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 1-year low of $256.60 and a 1-year high of $355.87. The business has a 50-day simple moving average of $292.66 and a two-hundred day simple moving average of $293.10. The stock has a market cap of $48.26 billion, a P/E ratio of 28.59, a PEG ratio of 4.72 and a beta of 0.89.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share for the quarter, beating analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the business earned $4.20 EPS. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. As a group, equities research analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Institutional Trading of Public Storage

A number of hedge funds have recently made changes to their positions in the company. Stonegate Investment Group LLC increased its stake in shares of Public Storage by 21.1% in the third quarter. Stonegate Investment Group LLC now owns 2,031 shares of the real estate investment trust’s stock valued at $587,000 after buying an additional 354 shares during the period. Triton Financial Group Inc increased its position in Public Storage by 13.9% in the 3rd quarter. Triton Financial Group Inc now owns 2,239 shares of the real estate investment trust’s stock valued at $647,000 after acquiring an additional 274 shares during the period. Vanguard Personalized Indexing Management LLC raised its stake in shares of Public Storage by 5.6% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 16,626 shares of the real estate investment trust’s stock valued at $4,803,000 after acquiring an additional 888 shares during the last quarter. Cullen Frost Bankers Inc. lifted its holdings in shares of Public Storage by 4.1% during the third quarter. Cullen Frost Bankers Inc. now owns 34,865 shares of the real estate investment trust’s stock worth $10,071,000 after purchasing an additional 1,359 shares during the period. Finally, Whittier Trust Co. grew its stake in shares of Public Storage by 21.4% in the third quarter. Whittier Trust Co. now owns 3,497 shares of the real estate investment trust’s stock worth $1,027,000 after purchasing an additional 616 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

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.