Mizuho Initiates Coverage on Public Storage (NYSE:PSA)

Equities researchers at Mizuho initiated coverage on shares of Public Storage (NYSE:PSA) in a research report issued on Wednesday,Benzinga reports. The firm set a “neutral” rating and a $287.00 price target on the real estate investment trust’s stock. Mizuho’s price objective points to a potential upside of 7.88% from the stock’s previous close.

Several other research firms have also weighed in on PSA. Royal Bank of Canada lowered their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Truist Financial cut their price target on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. Scotiabank raised shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and set a $305.00 price objective on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Barclays reiterated an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $332.08.

Public Storage Stock Performance

NYSE PSA opened at $266.03 on Wednesday. The company’s fifty day moving average is $298.41 and its two-hundred day moving average is $315.85. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The firm has a market capitalization of $46.67 billion, a price-to-earnings ratio of 27.62, a P/E/G ratio of 4.91 and a beta of 0.76.

Institutional Trading of Public Storage

Large investors have recently bought and sold shares of the company. Cohen & Steers Inc. lifted its holdings in shares of Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after buying an additional 592,944 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Public Storage by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock worth $1,197,769,000 after acquiring an additional 78,472 shares during the period. Norges Bank bought a new stake in Public Storage during the fourth quarter worth about $931,286,000. Northern Trust Corp raised its position in shares of Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock worth $741,592,000 after purchasing an additional 749,913 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Public Storage by 10.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust’s stock worth $509,803,000 after purchasing an additional 158,665 shares in the last quarter. 78.79% of the stock is 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.