Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Public Storage (NYSE:PSA - Free Report) by 3.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 769,165 shares of the real estate investment trust's stock after selling 27,299 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.44% of Public Storage worth $230,319,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Strategic Financial Concepts LLC purchased a new position in shares of Public Storage during the 4th quarter worth approximately $16,215,000. Buck Wealth Strategies LLC raised its position in Public Storage by 70.7% in the fourth quarter. Buck Wealth Strategies LLC now owns 2,413 shares of the real estate investment trust's stock worth $723,000 after acquiring an additional 999 shares in the last quarter. Trilogy Capital Inc. lifted its holdings in Public Storage by 4.1% in the fourth quarter. Trilogy Capital Inc. now owns 9,255 shares of the real estate investment trust's stock valued at $2,771,000 after acquiring an additional 367 shares during the period. Choreo LLC boosted its position in shares of Public Storage by 7.2% during the 4th quarter. Choreo LLC now owns 2,300 shares of the real estate investment trust's stock worth $682,000 after purchasing an additional 155 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Public Storage by 11.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,978 shares of the real estate investment trust's stock valued at $6,169,000 after purchasing an additional 2,213 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.
Insiders Place Their Bets
In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage 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 transaction, the insider now owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.00% of the company's stock.
Wall Street Analyst Weigh In
PSA has been the subject of a number of research analyst reports. Barclays dropped their target price on shares of Public Storage from $380.00 to $361.00 and set an "overweight" rating for the company in a report on Monday, January 13th. Wells Fargo & Company reduced their price objective on Public Storage from $375.00 to $365.00 and set an "overweight" rating for the company in a report on Tuesday, November 5th. Truist Financial upped their target price on Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a report on Thursday, December 5th. Evercore ISI cut their price target on Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a research note on Monday, October 14th. Finally, Royal Bank of Canada lowered their price objective 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. Seven 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 company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $344.54.
View Our Latest Research Report on PSA
Public Storage Trading Up 0.5 %
Shares of NYSE PSA traded up $1.64 during midday trading on Tuesday, reaching $305.26. 333,773 shares of the stock were exchanged, compared to its average volume of 673,084. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The stock has a 50 day moving average price of $303.28 and a 200-day moving average price of $325.86. The company has a market capitalization of $53.45 billion, a P/E ratio of 31.70, a P/E/G ratio of 4.88 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.
About Public Storage
(
Free Report)
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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