Groesbeck Investment Management Corp NJ Purchases New Stake in Public Storage (NYSE:PSA)

Groesbeck Investment Management Corp NJ purchased a new stake in shares of Public Storage (NYSE:PSA) during the 4th quarter, Holdings Channel reports. The fund purchased 2,685 shares of the real estate investment trust’s stock, valued at approximately $804,000.

Several other large investors have also recently bought and sold shares of PSA. Sanctuary Advisors LLC acquired a new position in Public Storage during the second quarter valued at $2,442,000. Czech National Bank raised its position in Public Storage by 6.5% during the third quarter. Czech National Bank now owns 32,087 shares of the real estate investment trust’s stock valued at $11,675,000 after buying an additional 1,950 shares during the period. GAMMA Investing LLC raised its position in Public Storage by 38.4% during the third quarter. GAMMA Investing LLC now owns 1,532 shares of the real estate investment trust’s stock valued at $557,000 after buying an additional 425 shares during the period. Diversified Trust Co raised its position in Public Storage by 774.0% during the third quarter. Diversified Trust Co now owns 7,429 shares of the real estate investment trust’s stock valued at $2,703,000 after buying an additional 6,579 shares during the period. Finally, Miracle Mile Advisors LLC purchased a new position in Public Storage in the third quarter valued at about $283,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was 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 owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.10% of the stock is owned by insiders.

Public Storage Stock Performance

PSA opened at $296.99 on Wednesday. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $52.01 billion, a PE ratio of 30.84, a price-to-earnings-growth ratio of 4.81 and a beta of 0.74. The stock has a 50-day moving average of $308.02 and a 200-day moving average of $325.80.

Analyst Ratings Changes

A number of research analysts have commented on the company. Evercore ISI lowered their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Barclays lowered their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Truist Financial boosted their target price on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Royal Bank of Canada lowered their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

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.