Mirae Asset Global Investments Co. Ltd. Grows Holdings in Public Storage (NYSE:PSA)

Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Public Storage (NYSE:PSA - Free Report) by 11.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,978 shares of the real estate investment trust's stock after purchasing an additional 2,213 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Public Storage were worth $6,169,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PSA. Prospera Private Wealth LLC purchased a new position in Public Storage during the third quarter worth about $34,000. Ashton Thomas Securities LLC purchased a new position in Public Storage during the third quarter worth about $38,000. Synergy Asset Management LLC purchased a new position in Public Storage during the fourth quarter worth about $38,000. Compagnie Lombard Odier SCmA purchased a new position in Public Storage during the third quarter worth about $50,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of Public Storage in the 3rd quarter valued at approximately $55,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the company's stock in a transaction on Friday, December 13th. The shares were 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 approximately $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 11.00% of the company's stock.

Public Storage Stock Up 0.5 %

NYSE PSA traded up $1.64 on Tuesday, hitting $305.26. 333,773 shares of the stock were exchanged, compared to its average volume of 673,084. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a market cap of $53.45 billion, a PE ratio of 31.70, a PEG ratio of 4.88 and a beta of 0.74. The company has a 50-day moving average price of $303.28 and a 200-day moving average price of $325.86.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PSA shares. Truist Financial boosted their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research note on Thursday, December 5th. Wells Fargo & Company reduced 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. Royal Bank of Canada reduced their price target on shares of Public Storage from $358.00 to $344.00 and set a "sector perform" rating on the stock in a research note on Friday, November 8th. Evercore ISI reduced their price target on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a research note on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and boosted their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Public Storage has an average rating of "Moderate Buy" and an average target price of $344.54.

About Public Storage

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.