Cigna Investments Inc. New Trims Stock Position in Public Storage (NYSE:PSA)

Cigna Investments Inc. New cut its stake in shares of Public Storage (NYSE:PSA) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,603 shares of the real estate investment trust’s stock after selling 36 shares during the quarter. Cigna Investments Inc. New’s holdings in Public Storage were worth $480,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PSA. Brookstone Capital Management increased its position 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 acquiring an additional 72 shares during the period. Wedmont Private Capital purchased a new position in Public Storage during the third quarter valued at approximately $257,000. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Public Storage by 347.8% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,030 shares of the real estate investment trust’s stock valued at $375,000 after buying an additional 800 shares during the period. Valeo Financial Advisors LLC increased its holdings in Public Storage by 17.4% during the third quarter. Valeo Financial Advisors LLC now owns 999 shares of the real estate investment trust’s stock valued at $364,000 after buying an additional 148 shares during the period. Finally, Ritholtz Wealth Management increased its holdings in Public Storage by 28.7% during the third quarter. Ritholtz Wealth Management now owns 5,552 shares of the real estate investment trust’s stock valued at $2,020,000 after buying an additional 1,238 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on PSA. Royal Bank of Canada cut 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 report on Friday, November 8th. Truist Financial lifted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Barclays cut their price objective 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. Wells Fargo & Company cut their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Finally, Evercore ISI cut their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Seven investment 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 company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.00% of the stock is currently owned by insiders.

Public Storage Trading Up 0.3 %

NYSE:PSA opened at $303.40 on Tuesday. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The firm has a fifty day simple moving average of $304.09 and a 200-day simple moving average of $325.80. 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 market capitalization of $53.13 billion, a P/E ratio of 31.51, a PEG ratio of 4.88 and a beta of 0.74.

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.