Why Did BMO Capital Upgrade Public Storage’s Stock?

BMO Capital analyst Juan C. Sanabria upgraded Public Storage (PSA) to Hold today and set a price target of $240.00. The company’s shares closed last Wednesday at $228.05, close to its 52-week high of $240.75.

According to TipRanks.com, Sanabria is a 2-star analyst with an average return of 0.9% and a 58.8% success rate. Sanabria covers the Financial sector, focusing on stocks such as Healthpeak Properties, Physicians Realty, and Healthcare Realty.

Public Storage has an analyst consensus of Moderate Buy, with a price target consensus of $244.00, a 7.3% upside from current levels. In a report issued on January 22, Morgan Stanley also resumed coverage with a Hold rating on the stock with a $221.00 price target.

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Public Storage’s market cap is currently $39.87B and has a P/E ratio of 34.80. The company has a Price to Book ratio of 8.23.

Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PSA in relation to earlier this year. Most recently, in December 2020, Tamara Hughes Gustavson, a Director at PSA bought 10,000 shares for a total of $1,304,650.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Public Storage operates as a real estate investment trust. The firm engages in acquiring, developing, owning and operating self-storage facilities. It operates through the following segments: Self-storage Operations, Ancillary Operations, Investment in PS Business Parks and Investment in Shurgard. The Self-storage Operations segment reflects the rental operations from all self-storage facilities. The Ancillary Operations segment deals with the sale of merchandise and reinsurance of policies against losses to goods stored by self-storage tenants, activities which are incidental to the primary self-storage rental activities. The Investment in PS Business Parks segment includes commercial properties, primarily multi-tenant flex, office, and industrial parks. The Investment in Shurgard segment owns self-storage facilities located in seven countries in Western Europe operated under the Shurgard brand name. The company was founded by Bradley Wayne Hughes, Sr. and Kenneth Q. Volk, Jr. in 1972 and is headquartered in Glendale, CA.

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