Strategic Financial Concepts LLC Takes $16.22 Million Position in Public Storage (NYSE:PSA)

Strategic Financial Concepts LLC purchased a new stake in Public Storage (NYSE:PSA) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 54,152 shares of the real estate investment trust’s stock, valued at approximately $16,215,000.

Several other hedge funds and other institutional investors also recently modified their holdings of PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of 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 valued at $561,763,000 after purchasing an additional 1,358,493 shares during the last quarter. Adelante Capital Management LLC grew its position in Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after acquiring an additional 1,164,630 shares during the last quarter. FMR LLC grew its position in Public Storage by 20.9% during 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. Daiwa Securities Group Inc. grew its position in Public Storage by 57.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock worth $405,278,000 after acquiring an additional 405,847 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in Public Storage by 80.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock worth $79,639,000 after acquiring an additional 97,302 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was 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. The trade was a 15.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Truist Financial boosted their price objective on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Wells Fargo & Company reduced their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. 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 report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Evercore ISI cut their target price 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. 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 data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $344.54.

Public Storage Stock Down 0.1 %

Shares of NYSE:PSA opened at $302.48 on Friday. The company has a market capitalization of $52.97 billion, a price-to-earnings ratio of 31.41, a P/E/G ratio of 4.81 and a beta of 0.74. 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 business’s 50-day moving average is $305.00 and its 200-day moving average is $325.44. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99.

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.