Capital Investment Counsel LLC Invests $3.15 Million in Public Storage (NYSE:PSA)

Capital Investment Counsel LLC bought a new position in shares of Public Storage (NYSE:PSA) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 10,534 shares of the real estate investment trust’s stock, valued at approximately $3,154,000.

Several other large investors also recently made changes to their positions in PSA. Northwestern Mutual Wealth Management Co. lifted its position in shares of Public Storage by 61.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 18,584 shares of the real estate investment trust’s stock valued at $5,346,000 after buying an additional 7,090 shares during the last quarter. EP Wealth Advisors LLC increased its holdings in shares of Public Storage by 20.4% in the second quarter. EP Wealth Advisors LLC now owns 2,747 shares of the real estate investment trust’s stock valued at $790,000 after purchasing an additional 466 shares during the last quarter. Truist Financial Corp raised its position in shares of Public Storage by 4.6% in the second quarter. Truist Financial Corp now owns 30,772 shares of the real estate investment trust’s stock valued at $8,851,000 after purchasing an additional 1,361 shares during the period. Advisory Alpha LLC lifted its stake in shares of Public Storage by 29.1% during the 2nd quarter. Advisory Alpha LLC now owns 1,291 shares of the real estate investment trust’s stock worth $372,000 after buying an additional 291 shares during the last quarter. Finally, SPC Financial Inc. boosted its holdings in shares of Public Storage by 14.0% during the 2nd quarter. SPC Financial Inc. now owns 1,222 shares of the real estate investment trust’s stock worth $352,000 after buying an additional 150 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PSA. Evercore ISI reduced their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Royal Bank of Canada dropped their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Morgan Stanley upped their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and raised their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Wells Fargo & Company cut their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 11.00% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $297.29 on Wednesday. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The stock has a market capitalization of $52.06 billion, a price-to-earnings ratio of 30.87, a price-to-earnings-growth ratio of 4.68 and a beta of 0.74. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company’s 50 day simple moving average is $312.14 and its 200 day simple moving average is $326.08.

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.