Groesbeck Investment Management Corp NJ Makes New Investment in Public Storage (NYSE:PSA)

Groesbeck Investment Management Corp NJ acquired a new stake in shares of Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,685 shares of the real estate investment trust's stock, valued at approximately $804,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PSA. Sanctuary Advisors LLC acquired a new position in Public Storage during the 2nd quarter valued at approximately $2,442,000. Czech National Bank boosted its position in Public Storage by 6.5% during the 3rd quarter. Czech National Bank now owns 32,087 shares of the real estate investment trust's stock valued at $11,675,000 after purchasing an additional 1,950 shares during the period. GAMMA Investing LLC boosted its position in Public Storage by 38.4% during the 3rd quarter. GAMMA Investing LLC now owns 1,532 shares of the real estate investment trust's stock valued at $557,000 after purchasing an additional 425 shares during the period. Diversified Trust Co boosted its position in Public Storage by 774.0% during the 3rd quarter. Diversified Trust Co now owns 7,429 shares of the real estate investment trust's stock valued at $2,703,000 after purchasing an additional 6,579 shares during the period. Finally, Miracle Mile Advisors LLC acquired a new position in Public Storage during the 3rd quarter worth $283,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and boosted their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial boosted their price target on Public Storage from $306.00 to $340.00 and gave the stock a "hold" rating in a research report on Thursday, December 5th. Royal Bank of Canada reduced their price target on Public Storage from $358.00 to $344.00 and set a "sector perform" rating for the company in a research report on Friday, November 8th. Wells Fargo & Company reduced their price target on Public Storage from $375.00 to $365.00 and set an "overweight" rating for the company in a research report on Tuesday, November 5th. Finally, Evercore ISI reduced their price target on 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. Seven investment 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 company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $344.54.

Public Storage Stock Up 0.4 %

PSA opened at $296.99 on Wednesday. The stock's fifty day moving average is $308.02 and its 200-day moving average is $325.80. The company has a market capitalization of $52.01 billion, a PE ratio of 30.84, a P/E/G ratio of 4.81 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.

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 transaction of $143,095.50. Following the sale, the insider now directly owns 2,364 shares of the company's stock, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.10% of the stock is owned by insiders.

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.

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