Scotiabank Forecasts Strong Price Appreciation for Public Storage (NYSE:PSA) Stock

Public Storage (NYSE:PSA) had its target price hoisted by Scotiabank from $305.00 to $340.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price objective would indicate a potential upside of 12.44% from the company’s current price.

PSA has been the topic of a number of other research reports. Barclays reaffirmed an “overweight” rating and set a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Mizuho began coverage on shares of Public Storage in a research note on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price target on the stock. Royal Bank of Canada dropped their price target on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research note on Friday, May 2nd. Bank of America raised shares of Public Storage from a “neutral” rating to a “buy” rating and lifted their price target for the company from $349.00 to $368.00 in a research note on Tuesday, April 22nd. Finally, Evercore ISI lifted their price target 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. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $336.67.

Public Storage Stock Performance

Shares of NYSE PSA traded down $1.68 during midday trading on Monday, reaching $302.39. 210,646 shares of the stock were exchanged, compared to its average volume of 742,174. The firm has a market cap of $53.05 billion, a price-to-earnings ratio of 31.37, a PEG ratio of 4.91 and a beta of 0.91. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The firm has a 50-day simple moving average of $294.18 and a two-hundred day simple moving average of $306.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping analysts’ consensus estimates of $4.06 by $0.06. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the company earned $4.03 EPS. As a group, analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Institutional Trading of Public Storage

A number of large investors have recently made changes to their positions in PSA. Quent Capital LLC boosted its holdings in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Ameriflex Group Inc. purchased a new position in Public Storage in the fourth quarter valued at approximately $30,000. Spectrum Wealth Counsel LLC purchased a new position in Public Storage in the first quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL purchased a new position in Public Storage in the fourth quarter valued at approximately $32,000. Finally, Opal Wealth Advisors LLC purchased a new position in Public Storage in the first quarter valued at approximately $36,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

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.