Public Storage (NYSE:PSA) Shares Sold by Eagle Ridge Investment Management

Eagle Ridge Investment Management decreased its holdings in Public Storage (NYSE:PSA) by 1.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 76,580 shares of the real estate investment trust’s stock after selling 751 shares during the quarter. Public Storage accounts for about 2.0% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 21st largest position. Eagle Ridge Investment Management’s holdings in Public Storage were worth $22,931,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in PSA. Prospera Private Wealth LLC acquired a new position in Public Storage in the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC acquired a new position in Public Storage in the 3rd quarter worth approximately $38,000. Synergy Asset Management LLC acquired a new position in Public Storage in the 4th quarter worth approximately $38,000. Compagnie Lombard Odier SCmA acquired a new position in Public Storage in the 3rd quarter worth approximately $50,000. Finally, Harbor Capital Advisors Inc. acquired a new position in Public Storage in the 3rd quarter worth approximately $55,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Barclays decreased 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. Evercore ISI decreased their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Truist Financial lifted their target price 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. Wells Fargo & Company decreased their target price 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. 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 for the company in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $344.54.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction 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 owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 11.10% of the stock is owned by company insiders.

Public Storage Stock Up 0.1 %

PSA stock opened at $302.57 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. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a fifty day simple moving average of $305.98 and a 200 day simple moving average of $325.60. The firm has a market cap of $52.98 billion, a PE ratio of 31.42, a PEG ratio of 4.81 and a beta of 0.74.

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.