Public Storage Stock Analysis: Will PSA Bounce Back In 2023?

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1 Public Storage stock is currently trading at $285.15 with a rise of 1.18% in the 24 hours.

2 The Public Storage stock’s 52-week price range is between $270.13 – $357.13 and its market capitalization is $ 50.138 billion.

3 The public Storage stock’s average trading volume for the last 10 days is 1.05 Million. There is a substantial boost in the volume of the stock.

Public Storage Stock is a real estate investment trust that owns and operates self-storage properties. The PSA has been volatile in the year 2023. However, the stock is up 1.3% year-to-date. The stock is down almost 20% from its peak price of $357.13. The company has a 12.21 price-to-earning ratio and a 4.26% dividend yield.

Public Storage stock reported funds from operations of $4.28 per diluted share in the second quarter. Funds from operations of PSA increased 14% year-over-year, and revenue also grew by 7% which was higher than Q2 2022.

As compared to other storage stocks like CubeSmart CUBE and Life Storage LSI, Public Storage has lower P/E ratios, ticking in at 30.31 and 31.67, respectively. However, due to their high yields, these companies are also the most promising dividend stocks for investment assets. Meanwhile, Public Storage has a higher valuation than them as per trading view.

Public Storage Stock Technical Analysis

CMT by shubhamsm006 on TradingView.com

The price has followed its trendline support and resistance. However, the price is near the resistance zone and 200-Day and 50 SMA. If the price surpasses the resistance line, it will rise to the next resistance. If the price is rejected by the resistance then the price will fall back to the current support.

The price of Public Storage stock has dropped below the 50 and 200 SMA, which indicates that the price is on the bearish side. There is a possibility that the stock’s value will decline even more in the upcoming week if the sellers continue to lower the price.

The technical indicator MACD is giving negative signals. The MACD line at -2.37 and the signal line at -1.80 are below the zero line, suggesting that the MACD is in negative territory and the cross between the MACD line and the signal line is seen which is considered as a negative sign.

The current value of RSI is 49.84 points. The 14 SMA line is currently under the median line, around 45.11 points. The 14 Day SMA line is under the median line but it heading in an upward direction. The price is currently resting in neutral territory.

Conclusion

PSA is moving in a tight range. However, price action suggests that the price might drop more in the future days if it falls below its main trendline support slightly. PSA price shows a neutral situation at the current moment. Major reliable indicators like SMA, RSI, and MACD give negative signals about Public Storage stock right now.

Technical Levels:

Support – The current support level of $274.11.
Resistance –The current resistance level is $302.10.

Disclaimer

The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.