CIBC Asset Management Inc Acquires 1,119 Shares of Public Storage (NYSE:PSA)

CIBC Asset Management Inc grew its stake in shares of Public Storage (NYSE:PSA - Free Report) by 4.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,888 shares of the real estate investment trust's stock after acquiring an additional 1,119 shares during the period. CIBC Asset Management Inc's holdings in Public Storage were worth $7,452,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Highview Capital Management LLC DE lifted its position in shares of Public Storage by 3.5% during the fourth quarter. Highview Capital Management LLC DE now owns 4,107 shares of the real estate investment trust's stock worth $1,230,000 after acquiring an additional 140 shares in the last quarter. Catalyst Capital Advisors LLC lifted its position in shares of Public Storage by 441.8% during the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the real estate investment trust's stock worth $109,000 after acquiring an additional 296 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Public Storage by 10.9% during the fourth quarter. Principal Financial Group Inc. now owns 237,856 shares of the real estate investment trust's stock worth $71,224,000 after acquiring an additional 23,474 shares in the last quarter. WD Rutherford LLC lifted its position in shares of Public Storage by 21.6% during the fourth quarter. WD Rutherford LLC now owns 5,951 shares of the real estate investment trust's stock worth $1,782,000 after acquiring an additional 1,059 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Public Storage during the fourth quarter worth $16,215,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Insider Activity

In other 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 transaction of $143,095.50. Following the transaction, the insider now directly owns 2,364 shares of the company's stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PSA. Barclays lowered 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. Truist Financial increased 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. Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and increased their price objective for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Royal Bank of Canada lowered 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 given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $341.85.

Public Storage Price Performance

PSA traded down $2.39 during trading on Friday, reaching $301.67. The stock had a trading volume of 192,826 shares, compared to its average volume of 616,426. The stock has a market cap of $52.82 billion, a PE ratio of 31.28, a PEG ratio of 4.80 and a beta of 0.74. 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 one year low of $256.31 and a one year high of $369.99. The business has a 50-day moving average of $298.38 and a 200-day moving average of $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.