Flavin Financial Services Inc. Makes New Investment in Public Storage (NYSE:PSA)

Flavin Financial Services Inc. bought a new position in Public Storage (NYSE:PSA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,797 shares of the real estate investment trust's stock, valued at approximately $538,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust's stock worth $561,763,000 after purchasing an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC boosted its holdings in Public Storage by 389.9% during the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust's stock worth $532,465,000 after buying an additional 1,164,630 shares in the last quarter. FMR LLC grew its position in Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock valued at $1,828,763,000 after buying an additional 869,066 shares during the period. Daiwa Securities Group Inc. increased its holdings in Public Storage by 57.3% in the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust's stock valued at $405,278,000 after buying an additional 405,847 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Public Storage by 80.0% in the third quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust's stock worth $79,639,000 after acquiring an additional 97,302 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and upped their price target for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Evercore ISI reduced their price objective on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a research report 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 report on Thursday, December 5th. Wells Fargo & Company decreased their price target on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 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 for the company in a research note on Friday, November 8th. Seven equities research 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 stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $344.54.

Public Storage Trading Up 1.7 %

NYSE PSA traded up $5.09 during mid-day trading on Wednesday, reaching $301.83. 186,177 shares of the stock were exchanged, compared to its average volume of 701,250. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The business's fifty day simple moving average is $306.96 and its 200 day simple moving average is $325.76. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $52.85 billion, a PE ratio of 31.34, a PEG ratio of 4.81 and a beta of 0.74.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the company's stock in a transaction that occurred 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 owns 2,364 shares of the company's stock, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 11.10% of the company's stock.

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.