Evercore ISI Trims Public Storage (NYSE:PSA) Target Price to $338.00

by · The Markets Daily

Public Storage (NYSE:PSA – Free Report) had its price objective decreased by Evercore ISI from $343.00 to $338.00 in a research report report published on Monday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Other equities analysts have also issued reports about the stock. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research report on Thursday, August 1st. Citigroup raised their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Morgan Stanley lifted their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. Finally, Barclays lifted their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $337.00.

Read Our Latest Research Report on Public Storage

Public Storage Stock Performance

Shares of PSA opened at $345.52 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm has a market cap of $60.47 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68. The company’s 50 day simple moving average is $345.15 and its 200-day simple moving average is $304.65. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99.

Public Storage (NYSE:PSA – Get Free Report) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter last year, the business earned $4.28 earnings per share. The business’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, equities analysts predict that Public Storage will post 16.73 EPS for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date was Friday, September 13th. Public Storage’s payout ratio is currently 112.46%.

Institutional Trading of Public Storage

A number of institutional investors have recently modified their holdings of the company. OFI Invest Asset Management acquired a new position in Public Storage during the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC acquired a new position in Public Storage during the 2nd quarter worth approximately $36,000. Riverview Trust Co acquired a new position in Public Storage during the 1st quarter worth approximately $37,000. Crewe Advisors LLC acquired a new position in Public Storage during the 1st quarter worth approximately $39,000. Finally, EdgeRock Capital LLC acquired a new position in Public Storage during the 2nd quarter worth approximately $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

About Public Storage

(Get Free Report)

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.

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