Rhumbline Advisers Lowers Stock Holdings in Public Storage (NYSE:PSA)

Rhumbline Advisers reduced its position in Public Storage (NYSE:PSA) by 1.5% in the 4th quarter, Holdings Channel reports. The fund owned 343,340 shares of the real estate investment trust’s stock after selling 5,122 shares during the period. Rhumbline Advisers’ holdings in Public Storage were worth $102,810,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Public Storage by 5.0% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock worth $16,089,000 after acquiring an additional 2,566 shares during the period. Capital Investment Advisors LLC grew its stake in Public Storage by 25.4% in the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after acquiring an additional 5,793 shares during the period. Larson Financial Group LLC grew its stake in Public Storage by 3,714.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock worth $666,000 after acquiring an additional 1,783 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Public Storage by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after acquiring an additional 2,605 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Public Storage by 114.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock worth $33,302,000 after acquiring an additional 48,803 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage 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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 11.00% of the company’s stock.

Public Storage Stock Performance

Public Storage stock opened at $297.69 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s fifty day moving average price is $300.63 and its 200 day moving average price is $325.50. The company has a market capitalization of $52.13 billion, a price-to-earnings ratio of 30.91, a price-to-earnings-growth ratio of 4.88 and a beta of 0.74. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PSA. Truist Financial lifted their price target 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. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company decreased 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. Barclays decreased their price target 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. Finally, Royal Bank of Canada decreased their price target 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. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $344.54.

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.