ABC Arbitrage SA Buys Shares of 12,384 Public Storage (NYSE:PSA)

ABC Arbitrage SA bought a new stake in shares of Public Storage (NYSE:PSA) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 12,384 shares of the real estate investment trust’s stock, valued at approximately $3,708,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC lifted its holdings in Public Storage by 4.6% in the third quarter. Exchange Traded Concepts LLC now owns 1,953 shares of the real estate investment trust’s stock worth $711,000 after purchasing an additional 85 shares during the period. CX Institutional lifted its holdings in Public Storage by 6.9% in the third quarter. CX Institutional now owns 790 shares of the real estate investment trust’s stock worth $287,000 after purchasing an additional 51 shares during the period. Creative Planning lifted its holdings in Public Storage by 13.1% in the third quarter. Creative Planning now owns 21,985 shares of the real estate investment trust’s stock worth $8,000,000 after purchasing an additional 2,550 shares during the period. NBC Securities Inc. lifted its holdings in Public Storage by 51.3% in the third quarter. NBC Securities Inc. now owns 422 shares of the real estate investment trust’s stock worth $153,000 after purchasing an additional 143 shares during the period. Finally, SPC Financial Inc. lifted its holdings in Public Storage by 7.1% in the 3rd quarter. SPC Financial Inc. now owns 1,309 shares of the real estate investment trust’s stock valued at $476,000 after acquiring an additional 87 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PSA shares. Barclays cut their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Royal Bank of Canada reduced their price objective 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. 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. 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. Finally, Wells Fargo & Company reduced 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. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 11.00% of the stock is currently owned by corporate insiders.

Public Storage Price Performance

Shares of PSA opened at $297.69 on Friday. The firm has a market cap of $52.13 billion, a PE ratio of 30.91, a PEG ratio of 4.88 and a beta of 0.74. The firm’s 50 day moving average price is $301.36 and its 200 day moving average price is $325.54. 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 twelve month low of $256.31 and a twelve month high of $369.99.

Public Storage Company 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.