ING Groep NV Makes New $6.03 Million Investment in Public Storage (NYSE:PSA)

ING Groep NV bought a new position in Public Storage (NYSE:PSA) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 20,129 shares of the real estate investment trust’s stock, valued at approximately $6,027,000.

Several other hedge funds also recently made changes to their positions in the company. Pacific Sun Financial Corp lifted its stake in shares of Public Storage by 24.1% in the 4th quarter. Pacific Sun Financial Corp now owns 767 shares of the real estate investment trust’s stock worth $230,000 after acquiring an additional 149 shares during the period. Handelsbanken Fonder AB lifted its stake in shares of Public Storage by 14.2% in the 4th quarter. Handelsbanken Fonder AB now owns 83,094 shares of the real estate investment trust’s stock worth $24,882,000 after acquiring an additional 10,353 shares during the period. Pasadena Private Wealth LLC lifted its stake in shares of Public Storage by 8.0% in the 4th quarter. Pasadena Private Wealth LLC now owns 1,769 shares of the real estate investment trust’s stock worth $530,000 after acquiring an additional 131 shares during the period. Werba Rubin Papier Wealth Management lifted its stake in shares of Public Storage by 1.7% in the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock worth $681,000 after acquiring an additional 38 shares during the period. Finally, Bank of Jackson Hole Trust acquired a new stake in shares of Public Storage in the 4th quarter worth $684,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Royal Bank of Canada reduced their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Truist Financial raised 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. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company reduced their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Barclays reduced 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. 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $341.85.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction dated 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 sale, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 11.00% of the stock is currently owned by company insiders.

Public Storage Stock Performance

Shares of PSA opened at $304.30 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $53.29 billion, a P/E ratio of 31.60, a PEG ratio of 4.80 and a beta of 0.74. The company has a 50-day moving average of $298.12 and a two-hundred day moving average of $325.39. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99.

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.