SteelPeak Wealth LLC Cuts Stock Position in Public Storage (NYSE:PSA)

SteelPeak Wealth LLC lowered its stake in shares of Public Storage (NYSE:PSA - Free Report) by 22.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,210 shares of the real estate investment trust's stock after selling 1,797 shares during the period. SteelPeak Wealth LLC's holdings in Public Storage were worth $1,860,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSA. Prospera Private Wealth LLC purchased a new position in shares of Public Storage in the third quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new position in shares of Public Storage during the 3rd quarter worth $38,000. Compagnie Lombard Odier SCmA bought a new stake in shares of Public Storage during the 3rd quarter valued at $50,000. Harbor Capital Advisors Inc. bought a new position in shares of Public Storage in the third quarter worth about $55,000. Finally, Toth Financial Advisory Corp lifted its position in shares of Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust's stock valued at $61,000 after buying an additional 66 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the company's stock in a transaction dated 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 sale, the insider now directly owns 2,364 shares of the company's stock, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on PSA. Truist Financial raised their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a "hold" rating in a research note on Thursday, December 5th. Morgan Stanley upped their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 2nd. Evercore ISI decreased their price target on Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a report on Monday, October 14th. Wells Fargo & Company dropped their price objective on Public Storage from $375.00 to $365.00 and set an "overweight" rating for the company in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada decreased their target price on 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 assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $344.54.

Public Storage Trading Up 1.3 %

Public Storage stock traded up $3.85 during mid-day trading on Thursday, hitting $298.11. The company's stock had a trading volume of 806,413 shares, compared to its average volume of 723,790. Public Storage has a one year low of $256.31 and a one year high of $369.99. The stock has a market cap of $52.20 billion, a PE ratio of 30.96, a P/E/G ratio of 4.68 and a beta of 0.74. The company has a 50 day moving average of $310.63 and a 200-day moving average of $325.82. 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 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.