Valued at a market cap of $53 billion, Public Storage (PSA) is a real estate investment trust (REIT) based in Glendale, California. It primarily acquires, develops, owns, and operates self-storage facilities.
This self-storage REIT has trailed behind the broader market over the past 52 weeks. Shares of PSA have gained 1.6% over this time frame, while the broader S&P 500 Index ($SPX) has soared 11.9%. However, on a YTD basis, the stock is up 16.4%, notably outpacing SPX’s slight drop.
Narrowing the focus, PSA has also underperformed the State Street Real Estate Select Sector SPDR ETF (XLRE), which gained 4.1% over the past 52 weeks. Nonetheless, it has outperformed XLRE’s 8.9% YTD rise.
On Feb. 12, PSA posted better-than-expected Q4 earnings results, prompting its shares to surge 2.7% in the following trading session. Improved performance from existing customers, along with solid execution in driving new move-ins, led to quarter-end occupancy that was 0.5% higher year over year, marking the first occupancy increase in more than four years and signaling improving fundamentals heading into 2026. The company’s same-store revenue declined marginally year-over-year to $936.2 million, while its core FFO grew 1.2% from the year-ago quarter to $4.26, topping consensus expectations of $4.21.
For fiscal 2026, ending in December, analysts expect PSA’s FFO per share to decline marginally year over year to $16.96. The company’s FFO surprise history is promising. It exceeded the consensus estimates in each of the last four quarters.
Among the 21 analysts covering the stock, the consensus rating is a "Moderate Buy,” which is based on seven “Strong Buy,” and 14 “Hold” ratings.
The configuration is less bullish than a month ago, with 11 analysts suggesting a “Strong Buy” rating.
On Feb. 17, Evercore Inc. (EVR) maintained an "In Line" rating on PSA but lowered its price target to $302, indicating a marginal potential upside from the current levels.
The mean price target of $304.35 suggests a 1.6% potential upside from the current levels, while its Street-high price target of $331 suggests a 10.5% potential upside from the current levels.
On the date of publication, Neharika Jain did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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