Public Storage (NYSE:PSA) Coverage Initiated by Analysts at BNP Paribas Exane

BNP Paribas Exane began coverage on shares of Public Storage (NYSE:PSA) in a research note issued on Tuesday. The firm set an “outperform” rating and a $331.00 price target on the real estate investment trust’s stock. BNP Paribas Exane’s price target indicates a potential upside of 12.20% from the stock’s current price.

Several other equities analysts also recently issued reports on the company. Royal Bank Of Canada reduced their price objective on Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. Barclays cut their target price on Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. Bank of America increased their price target on Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Evercore ISI lifted their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a research note on Friday, May 2nd. Finally, BMO Capital Markets lowered shares of Public Storage from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $340.00 to $325.00 in a research report on Friday. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $337.64.

Public Storage Price Performance

Shares of PSA opened at $295.00 on Tuesday. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. The stock has a fifty day moving average price of $298.66 and a 200 day moving average price of $298.55. The company has a market cap of $51.75 billion, a P/E ratio of 29.29, a PEG ratio of 4.20 and a beta of 0.89.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the firm earned $4.03 earnings per share. The company’s quarterly revenue was up .1% on a year-over-year basis. On average, research analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Institutional Trading of Public Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC lifted its position in shares of Public Storage by 156.0% during the 4th quarter. Venturi Wealth Management LLC now owns 233 shares of the real estate investment trust’s stock valued at $70,000 after acquiring an additional 142 shares during the last quarter. Howard Capital Management Inc. lifted its holdings in shares of Public Storage by 5.4% during the fourth quarter. Howard Capital Management Inc. now owns 1,045 shares of the real estate investment trust’s stock valued at $313,000 after purchasing an additional 54 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Public Storage by 8.5% during the fourth quarter. IFP Advisors Inc now owns 2,684 shares of the real estate investment trust’s stock valued at $804,000 after purchasing an additional 210 shares during the last quarter. Fairhaven Wealth Management LLC boosted its position in shares of Public Storage by 0.8% in the 4th quarter. Fairhaven Wealth Management LLC now owns 9,140 shares of the real estate investment trust’s stock valued at $2,737,000 after purchasing an additional 71 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Public Storage by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock worth $328,677,000 after purchasing an additional 21,165 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

About Public Storage

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.