Morgan Stanley Lowers Public Storage (NYSE:PSA) Price Target to $298.00

Public Storage (NYSE:PSA – Get Rating) had its price objective lowered by equities researchers at Morgan Stanley from $357.00 to $298.00 in a report issued on Wednesday, The Fly reports. Morgan Stanley’s target price suggests a potential downside of 8.59% from the stock’s current price.

Several other research analysts have also recently weighed in on the company. Zacks Investment Research cut Public Storage from a “buy” rating to a “hold” rating and set a $335.00 target price on the stock. in a report on Wednesday, May 18th. StockNews.com upgraded shares of Public Storage from a “hold” rating to a “buy” rating in a research report on Friday, May 6th. BMO Capital Markets upgraded Public Storage from a “market perform” rating to an “outperform” rating and decreased their price objective for the company from $410.00 to $370.00 in a report on Thursday, May 19th. Raymond James cut their price objective on Public Storage from $375.00 to $365.00 in a research report on Monday. Finally, The Goldman Sachs Group increased their target price on shares of Public Storage from $398.00 to $440.00 and gave the stock a “neutral” rating in a research note on Thursday, April 14th. One analyst has rated the stock with a sell rating, six have assigned 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, the company presently has an average rating of “Buy” and an average target price of $356.79.

Shares of PSA opened at $325.99 on Wednesday. The stock has a 50 day moving average price of $370.33 and a 200 day moving average price of $359.17. Public Storage has a one year low of $276.15 and a one year high of $421.76. The company has a debt-to-equity ratio of 1.39, a quick ratio of 2.07 and a current ratio of 2.07. The stock has a market capitalization of $57.20 billion, a price-to-earnings ratio of 31.68, a PEG ratio of 2.83 and a beta of 0.28.

Public Storage (NYSE:PSA – Get Rating) last released its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.96). The business had revenue of $749.27 million for the quarter, compared to analysts’ expectations of $985.58 million. Public Storage had a return on equity of 38.01% and a net margin of 54.79%. Public Storage’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.82 EPS. On average, analysts predict that Public Storage will post 15.5 earnings per share for the current year.

In other Public Storage news, Director Rebecca L. Owen sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $358.25, for a total value of $1,791,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 11.00% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC acquired a new stake in Public Storage in the fourth quarter valued at $25,000. Mystic Asset Management Inc. purchased a new stake in Public Storage in the 4th quarter valued at approximately $26,000. Lee Financial Co acquired a new stake in shares of Public Storage during the fourth quarter valued at $27,000. CVA Family Office LLC acquired a new position in shares of Public Storage in the fourth quarter valued at approximately $30,000. Finally, Investors Research Corp lifted its stake in shares of Public Storage by 102.5% during the first quarter. Investors Research Corp now owns 81 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 41 shares during the period. Institutional investors own 78.54% of the company’s stock.

About Public Storage (Get Rating)

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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

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