Transcend Capital Advisors LLC Grows Position in Public Storage (NYSE:PSA)

Transcend Capital Advisors LLC boosted its stake in Public Storage (NYSE:PSA) by 10.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 864 shares of the real estate investment trust’s stock after buying an additional 85 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Public Storage were worth $259,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. ING Groep NV purchased a new stake in Public Storage in the 4th quarter valued at $6,027,000. Pacific Sun Financial Corp raised its position in 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 valued at $230,000 after buying an additional 149 shares during the last quarter. Handelsbanken Fonder AB raised its position in 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 valued at $24,882,000 after buying an additional 10,353 shares during the last quarter. Pasadena Private Wealth LLC raised its position in 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 valued at $530,000 after buying an additional 131 shares during the last quarter. Finally, Werba Rubin Papier Wealth Management grew its stake in 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 valued at $681,000 after purchasing an additional 38 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm’s 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 sale, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PSA shares. Wells Fargo & Company reduced their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday. Royal Bank of Canada reduced their price objective on 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 upgraded Public Storage from a “sell” rating to a “hold” rating and increased their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays cut their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Finally, Truist Financial increased their price target on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $341.85.

Public Storage Stock Up 0.1 %

Shares of NYSE PSA opened at $304.30 on Monday. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The business has a 50-day simple moving average of $298.12 and a two-hundred day simple moving average of $325.59. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap of $53.29 billion, a P/E ratio of 31.60, a P/E/G ratio of 4.91 and a beta of 0.74.

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.