Cigna Investments Inc. New Cuts Stake in Public Storage (NYSE:PSA)

Cigna Investments Inc. New lowered its stake in shares of Public Storage (NYSE:PSA) by 2.2% in the fourth quarter, Holdings Channel reports. The firm owned 1,603 shares of the real estate investment trust’s stock after selling 36 shares during the period. Cigna Investments Inc. New’s holdings in Public Storage were worth $480,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of PSA. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage during the third quarter worth about $34,000. Ashton Thomas Securities LLC purchased a new stake in Public Storage during the 3rd quarter valued at about $38,000. Synergy Asset Management LLC purchased a new stake in Public Storage during the 4th quarter valued at about $38,000. Compagnie Lombard Odier SCmA purchased a new stake in Public Storage during the 3rd quarter valued at about $50,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in Public Storage during the 3rd quarter valued at about $55,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA stock opened at $303.40 on Tuesday. The firm’s 50 day moving average price is $304.09 and its 200-day moving average price is $325.80. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a one year low of $256.31 and a one year high of $369.99. The firm has a market cap of $53.13 billion, a P/E ratio of 31.51, a P/E/G ratio of 4.88 and a beta of 0.74.

Insider Transactions at Public Storage

In other 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 value of $143,095.50. Following the transaction, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 11.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PSA. Wells Fargo & Company dropped their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Truist Financial upped their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Barclays dropped their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Royal Bank of Canada decreased their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage currently has an average 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.