Chevy Chase Trust Holdings LLC Decreases Stake in Public Storage (NYSE:PSA)

Chevy Chase Trust Holdings LLC trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 2.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,926 shares of the real estate investment trust's stock after selling 1,844 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of Public Storage worth $26,628,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Exchange Traded Concepts LLC grew its position in Public Storage by 4.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,953 shares of the real estate investment trust's stock worth $711,000 after acquiring an additional 85 shares during the last quarter. CX Institutional grew its position in Public Storage by 6.9% during the 3rd quarter. CX Institutional now owns 790 shares of the real estate investment trust's stock worth $287,000 after acquiring an additional 51 shares during the last quarter. Creative Planning grew its position in Public Storage by 13.1% during the 3rd quarter. Creative Planning now owns 21,985 shares of the real estate investment trust's stock worth $8,000,000 after acquiring an additional 2,550 shares during the last quarter. NBC Securities Inc. grew its position in Public Storage by 51.3% during the 3rd quarter. NBC Securities Inc. now owns 422 shares of the real estate investment trust's stock worth $153,000 after acquiring an additional 143 shares during the last quarter. Finally, SPC Financial Inc. grew its position in Public Storage by 7.1% during the 3rd quarter. SPC Financial Inc. now owns 1,309 shares of the real estate investment trust's stock worth $476,000 after acquiring an additional 87 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the business's stock in a transaction on 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 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 Securities & Exchange Commission, which is available through this link. Company insiders own 11.10% of the company's stock.

Public Storage Stock Up 0.1 %

NYSE:PSA traded up $0.21 during trading hours on Wednesday, reaching $297.21. 474,635 shares of the company traded hands, compared to its average volume of 636,050. The business's 50-day moving average price is $299.25 and its two-hundred day moving average price is $325.74. The stock has a market capitalization of $52.04 billion, a P/E ratio of 30.86, a P/E/G ratio of 4.80 and a beta of 0.74. Public Storage has a 1 year low of $256.31 and a 1 year 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.

Wall Street Analysts Forecast Growth

PSA has been the topic of several recent research reports. Wells Fargo & Company reduced their price target on Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a research report on Tuesday, November 5th. Barclays cut their price objective on Public Storage from $380.00 to $361.00 and set an "overweight" rating on the stock in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and lifted their price objective for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the stock a "hold" rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada cut their price objective 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. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and an average target price of $344.54.

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.