Public Storage (NYSE:PSA) Stock Rating Upgraded by Raymond James

Public Storage (NYSE:PSA) was upgraded by equities research analysts at Raymond James from a “market perform” rating to a “strong-buy” rating in a research note issued to investors on Thursday, MarketBeat reports. The firm presently has a $330.00 price objective on the real estate investment trust’s stock. Raymond James’ target price would suggest a potential upside of 14.54% from the company’s previous close.

A number of other research firms have also recently issued reports on PSA. Scotiabank raised their target price 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. BMO Capital Markets boosted their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Wells Fargo & Company lowered shares of 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 research note on Tuesday, December 12th. The Goldman Sachs Group lifted their target price on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $302.50.

Public Storage Price Performance

Shares of PSA stock opened at $288.10 on Thursday. The firm has a market capitalization of $50.62 billion, a price-to-earnings ratio of 26.05, a price-to-earnings-growth ratio of 3.61 and a beta of 0.54. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The firm has a fifty day moving average of $284.05 and a 200-day moving average of $275.27. Public Storage has a 12-month low of $233.18 and a 12-month high of $316.48.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the company earned $4.16 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts forecast that Public Storage will post 16.92 earnings per share for the current year.

Institutional Investors Weigh In On Public Storage

Several institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in Public Storage during the 1st quarter worth about $26,000. Core Wealth Advisors Inc. purchased a new stake in Public Storage in the fourth quarter valued at $30,000. ICA Group Wealth Management LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at about $29,000. Finally, Private Ocean LLC lifted its holdings in shares of Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 109 shares during the period. 78.79% of the stock is currently 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.