Handelsbanken Fonder AB Boosts Stake in Public Storage (NYSE:PSA)

Handelsbanken Fonder AB grew its stake in Public Storage (NYSE:PSA) by 14.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 83,094 shares of the real estate investment trust’s stock after acquiring an additional 10,353 shares during the quarter. Handelsbanken Fonder AB’s holdings in Public Storage were worth $24,882,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Pasadena Private Wealth LLC grew its stake in Public Storage by 8.0% in the fourth quarter. Pasadena Private Wealth LLC now owns 1,769 shares of the real estate investment trust’s stock valued at $530,000 after purchasing an additional 131 shares during the last quarter. Werba Rubin Papier Wealth Management boosted its holdings 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 valued at $681,000 after buying an additional 38 shares in the last quarter. Bank of Jackson Hole Trust purchased a new position in shares of Public Storage in the 4th quarter worth approximately $684,000. Kentucky Retirement Systems Insurance Trust Fund raised its stake in shares of Public Storage by 9.7% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 5,118 shares of the real estate investment trust’s stock worth $1,533,000 after acquiring an additional 454 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Public Storage during the 4th quarter worth approximately $1,268,000. 78.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PSA has been the topic of several analyst reports. Wells Fargo & Company cut their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Truist Financial boosted their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Royal Bank of Canada reduced their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and raised their price target for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Barclays cut their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $344.54.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction on 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Shares of NYSE:PSA opened at $303.67 on Friday. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. 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 company has a market cap of $53.18 billion, a PE ratio of 31.53, a price-to-earnings-growth ratio of 4.80 and a beta of 0.74. The company’s 50 day moving average is $298.38 and its 200 day moving average is $325.39.

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.