Public Storage (NYSE:PSA) Rating Lowered to Market Perform at BMO Capital Markets

Public Storage (NYSE:PSA) was downgraded by analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research note issued on Friday, MarketBeat Ratings reports. They presently have a $325.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $340.00. BMO Capital Markets’ price objective would suggest a potential upside of 12.02% from the company’s current price.

Several other equities research analysts also recently weighed in on PSA. Scotiabank raised their price objective on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a report on Monday, May 12th. Mizuho raised their price objective on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a report on Wednesday, May 28th. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a report on Thursday, April 10th. Finally, Bank of America lifted their target price on Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $338.15.

Public Storage Trading Down 0.2%

Shares of PSA opened at $290.12 on Friday. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The business’s fifty day moving average is $298.53 and its 200-day moving average is $299.05. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a market cap of $50.90 billion, a price-to-earnings ratio of 28.81, a PEG ratio of 4.20 and a beta of 0.89.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the company posted $4.03 EPS. The company’s revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Securities Inc. increased its position in Public Storage by 15.4% in the 4th quarter. Principal Securities Inc. now owns 2,584 shares of the real estate investment trust’s stock valued at $774,000 after buying an additional 344 shares in the last quarter. D.A. Davidson & CO. increased its position in Public Storage by 1.4% in the 4th quarter. D.A. Davidson & CO. now owns 9,302 shares of the real estate investment trust’s stock valued at $2,786,000 after buying an additional 129 shares in the last quarter. Venturi Wealth Management LLC increased its position in Public Storage by 156.0% in the 4th quarter. Venturi Wealth Management LLC now owns 233 shares of the real estate investment trust’s stock valued at $70,000 after buying an additional 142 shares in the last quarter. Kestra Investment Management LLC bought a new stake in Public Storage in the 4th quarter valued at about $75,000. Finally, Handelsbanken Fonder AB increased its position in Public Storage by 14.2% in the 4th quarter. Handelsbanken Fonder AB now owns 83,094 shares of the real estate investment trust’s stock valued at $24,882,000 after buying an additional 10,353 shares in 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.