Public Storage (NYSE:PSA) Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. cut its position in shares of Public Storage (NYSE:PSA) by 1.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 9,720 shares of the real estate investment trust’s stock after selling 188 shares during the quarter. Hartford Investment Management Co.’s holdings in Public Storage were worth $2,911,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Public Storage by 732.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after purchasing an additional 1,358,493 shares during the period. Adelante Capital Management LLC grew its holdings in shares of Public Storage by 389.9% in the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after acquiring an additional 1,164,630 shares during the last quarter. FMR LLC grew its holdings in shares of Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after buying an additional 869,066 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Public Storage by 57.3% during the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after buying an additional 405,847 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Public Storage by 80.0% during the third quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock valued at $79,639,000 after buying an additional 97,302 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was 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 of the company’s stock, valued at $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.00% of the stock is owned by company insiders.

Public Storage Stock Down 1.7 %

Shares of PSA opened at $300.13 on Thursday. The company has a market capitalization of $52.56 billion, a P/E ratio of 31.17, a PEG ratio of 4.88 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. Public Storage has a one year low of $256.31 and a one year high of $369.99. The business’s 50 day simple moving average is $302.67 and its 200-day simple moving average is $325.89.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Barclays reduced their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Truist Financial boosted their price target on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Wells Fargo & Company cut their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Royal Bank of Canada cut their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Seven equities 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’s stock. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $344.54.

Public Storage Profile

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.