Mirae Asset Global Investments Co. Ltd. Buys 2,213 Shares of Public Storage (NYSE:PSA)

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Public Storage (NYSE:PSA) by 11.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 20,978 shares of the real estate investment trust’s stock after acquiring an additional 2,213 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Public Storage were worth $6,169,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PSA. State Street Corp raised its holdings in shares of Public Storage by 0.5% during the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after buying an additional 55,123 shares in the last quarter. FMR LLC lifted its holdings in shares of Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after acquiring an additional 869,066 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Public Storage by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock valued at $1,425,941,000 after purchasing an additional 52,807 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Public Storage by 2.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock valued at $1,023,080,000 after purchasing an additional 54,992 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after purchasing an additional 1,358,493 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.1 %

PSA opened at $302.48 on Friday. The business has a 50 day moving average of $305.00 and a 200-day moving average of $325.44. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $52.97 billion, a PE ratio of 31.41, a PEG ratio of 4.81 and a beta of 0.74. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99.

Insider Buying and Selling

In other Public Storage 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 sale, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PSA. Barclays reduced their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. 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 research note on Monday, October 14th. Truist Financial increased their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Royal Bank of Canada decreased their target price 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. Finally, Wells Fargo & Company dropped their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.