Public Storage (NYSE:PSA) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its holdings in Public Storage (NYSE:PSA - Free Report) by 10.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 237,856 shares of the real estate investment trust's stock after acquiring an additional 23,474 shares during the period. Principal Financial Group Inc. owned 0.14% of Public Storage worth $71,224,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PSA. Quent Capital LLC lifted its position in Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock worth $26,000 after buying an additional 50 shares during the period. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the 3rd quarter worth about $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage in the third quarter worth approximately $38,000. Synergy Asset Management LLC purchased a new stake in Public Storage in the fourth quarter valued at approximately $38,000. Finally, Harbor Capital Advisors Inc. acquired a new position in Public Storage during the third quarter worth approximately $55,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PSA shares. Barclays decreased their price target on shares of Public Storage from $380.00 to $361.00 and set an "overweight" rating on the stock in a report on Monday, January 13th. Truist Financial boosted their price target on Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and raised their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Royal Bank of Canada dropped their target price on shares of 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. Finally, Wells Fargo & Company reduced their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday. 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's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $341.85.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm'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 sale, the insider now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.00% of the stock is owned by company insiders.

Public Storage Stock Down 0.8 %

NYSE:PSA traded down $2.39 on Friday, reaching $301.67. The stock had a trading volume of 192,826 shares, compared to its average volume of 616,426. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The stock has a market cap of $52.82 billion, a P/E ratio of 31.28, a price-to-earnings-growth ratio of 4.80 and a beta of 0.74. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a 50-day moving average of $298.38 and a 200 day moving average of $325.39.

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.