Public Storage Gains 0.69% as $250M Volume Ranks 374th in U.S. Equities Amid Mixed Earnings and Analyst Revisions

Market Snapshot

On November 26, 2025, Public Storage (PSA) closed with a 0.69% increase, outperforming broader market trends. The stock’s trading volume of $0.25 billion ranked it 374th among U.S. equities for the day, indicating moderate liquidity relative to its peers. While the price gain was modest, the volume level suggests a balanced mix of retail and institutional activity, with no extreme volatility observed. The performance aligns with recent analyst optimism, though mixed earnings results from the firm’s third-quarter 2025 report have tempered broader expectations.

Key Drivers

Analyst Revisions and Price Target Adjustments

Truist Securities, a key influencer in the self-storage sector, lowered its price target for PSA to $315 from $320 while maintaining a "Buy" rating. This adjustment followed a 0.6% upward revision to its 2025 normalized funds from operations (FFO) estimate and a 1.8% increase for 2026, reflecting confidence in the company’s net operating income (NOI) trajectory. However, the reduced target signaled caution amid broader analyst sentiment. RBC Capital and Evercore ISI Group also adjusted their targets downward in recent weeks, with RBC cutting its target to $307 from $309 and Evercore lowering its 2025 estimate to $315. These revisions highlight a consensus of tempered optimism, balancing strong expense management and stable fundamentals against industry-specific risks such as Sunbelt and Southeast market oversupply.

Earnings Performance and Revenue Discrepancies

Public Storage’s third-quarter 2025 results revealed a mixed financial picture. Earnings per share (EPS) exceeded expectations by 3.56%, reaching $2.62, driven by disciplined cost control. However, revenue fell short by 22.22%, totaling $948.93 million against a projected $1.22 billion. This shortfall underscored ongoing challenges in translating occupancy gains into top-line growth, particularly in markets with excess supply. RBC Capital attributed the revenue miss to "stable fundamental business conditions," while Truist noted that the firm’s FFO outperformed forecasts due to operational efficiency. The divergent outcomes between EPS and revenue metrics have prompted analysts to recalibrate expectations, with some firms, like Wells Fargo, raising price targets based on long-term growth potential despite near-term headwinds.

Institutional Holdings and Fund Sentiment

Institutional ownership of PSA declined by 2.39% in the last three months, with major funds such as Vanguard’s VGSIX and VFINX reducing their stakes by 0.80% to 2.30%. Despite this, the average portfolio weight of all funds dedicated to PSA increased by 8.26%, suggesting a strategic rebalancing rather than outright divestment. The put/call ratio of 1.19, however, indicated a bearish outlook, as options traders favored puts over calls. This contrast between institutional holdings and derivative activity highlights investor uncertainty. While long-term holders remain committed to the company’s urban densification and acquisition-driven growth narrative, short-term traders are hedging against potential volatility in core markets.

Long-Term Projections and Industry Risks

Analysts project a 21.5% total return for PSA based on Truist’s revised calculations, with average one-year price targets averaging $333.22, representing a 23.8% upside from the November 25 closing price of $269.17. These forecasts assume continued NOI growth and portfolio expansion, particularly in urban markets. However, Simply Wall St’s analysis emphasized persistent industry risks, including pricing pressure in oversupplied regions and the likelihood of margin compression. The firm’s 2028 outlook anticipates $5.3 billion in revenue and $2.0 billion in earnings, requiring 3.8% annual growth and operational improvements to offset sector-wide challenges. While the long-term narrative remains positive, short-term volatility is expected to persist until core market dynamics stabilize.

Conclusion

The interplay of analyst revisions, earnings discrepancies, and institutional sentiment has shaped PSA’s recent performance. While the stock’s 0.69% gain reflects underlying confidence in its operational resilience, the mixed earnings report and bearish options activity reveal lingering uncertainties. As the self-storage sector navigates supply-demand imbalances, Public Storage’s ability to execute on its acquisition and urban expansion strategies will be critical in validating the optimistic price targets and long-term growth projections outlined by analysts.