Summit Asset Management LLC Sells 287 Shares of Public Storage (NYSE:PSA)

Summit Asset Management LLC reduced its holdings in Public Storage (NYSE:PSA) by 16.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,433 shares of the real estate investment trust’s stock after selling 287 shares during the period. Summit Asset Management LLC’s holdings in Public Storage were worth $429,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PSA. Signaturefd LLC grew its stake in shares of Public Storage by 5.7% in the 3rd quarter. Signaturefd LLC now owns 1,517 shares of the real estate investment trust’s stock worth $552,000 after buying an additional 82 shares in the last quarter. Private Advisor Group LLC grew its stake in shares of Public Storage by 13.3% in the 3rd quarter. Private Advisor Group LLC now owns 5,849 shares of the real estate investment trust’s stock worth $2,128,000 after buying an additional 688 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in shares of Public Storage by 24.7% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 4,921 shares of the real estate investment trust’s stock worth $1,791,000 after buying an additional 975 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Public Storage by 12.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,709 shares of the real estate investment trust’s stock worth $1,713,000 after buying an additional 535 shares in the last quarter. Finally, Dakota Wealth Management purchased a new position in shares of Public Storage during the 3rd quarter worth about $217,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Wells Fargo & Company dropped their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday. Truist Financial lifted their price target on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays dropped their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Finally, Royal Bank of Canada lowered their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $341.85.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 2,364 shares of the company’s stock, valued at approximately $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 at this link. 11.00% of the stock is owned by insiders.

Public Storage Trading Up 0.1 %

NYSE PSA opened at $304.30 on Friday. The firm has a market cap of $53.29 billion, a PE ratio of 31.60, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. 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 company has a 50 day moving average price of $298.12 and a 200 day moving average price of $325.48.

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.