Lecap Asset Management Ltd. Invests $2.06 Million in Public Storage (NYSE:PSA)

Lecap Asset Management Ltd. acquired a new position in shares of Public Storage (NYSE:PSA) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,866 shares of the real estate investment trust’s stock, valued at approximately $2,056,000.

Several other hedge funds and other institutional investors also recently modified their holdings of PSA. Czech National Bank grew its holdings in shares of Public Storage by 6.5% during the third quarter. Czech National Bank now owns 32,087 shares of the real estate investment trust’s stock worth $11,675,000 after purchasing an additional 1,950 shares in the last quarter. Miracle Mile Advisors LLC purchased a new position in shares of Public Storage during the third quarter worth about $283,000. Atomi Financial Group Inc. purchased a new position in shares of Public Storage during the third quarter worth about $299,000. Brookstone Capital Management grew its holdings in shares of Public Storage by 5.4% during the third quarter. Brookstone Capital Management now owns 1,417 shares of the real estate investment trust’s stock worth $516,000 after purchasing an additional 72 shares in the last quarter. Finally, Marcum Wealth LLC purchased a new position in shares of Public Storage during the third quarter worth about $207,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA stock opened at $302.57 on Friday. 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 fifty-two week low of $256.31 and a fifty-two week high of $369.99. The stock has a 50 day moving average price of $305.00 and a two-hundred day moving average price of $325.44. The company has a market capitalization of $52.98 billion, a P/E ratio of 31.42, a PEG ratio of 4.81 and a beta of 0.74.

Analyst Ratings Changes

Several analysts have issued reports on PSA shares. Barclays cut their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Royal Bank of Canada cut their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company cut their target price 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, Evercore ISI cut their target price 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. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $344.54.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.10% of the stock is owned by corporate 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.