Public Storage (NYSE:PSA) Sees Significant Decrease in Short Interest

Public Storage (NYSE:PSA) was the recipient of a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 3,270,000 shares, a drop of 13.7% from the December 31st total of 3,790,000 shares. Based on an average daily volume of 718,400 shares, the days-to-cover ratio is presently 4.6 days. Approximately 2.1% of the company’s shares are sold short.

Public Storage Trading Down 1.0 %

NYSE:PSA opened at $294.45 on Thursday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company has a market cap of $51.56 billion, a PE ratio of 30.58, a PEG ratio of 4.68 and a beta of 0.74. The firm has a 50-day moving average of $311.40 and a 200-day moving average of $326.04.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Royal Bank of Canada decreased their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Evercore ISI decreased their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Barclays dropped their price target 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. Wells Fargo & Company reduced their price objective 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. Finally, Truist Financial boosted their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $344.54.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 450 shares of the 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 sale, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 11.00% of the company’s stock.

Institutional Trading of Public Storage

Several institutional investors and hedge funds have recently modified their holdings of PSA. Petredis Investment Advisors LLC boosted its position in shares of Public Storage by 0.4% during the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock valued at $2,497,000 after buying an additional 30 shares during the last quarter. S.A. Mason LLC lifted its stake in Public Storage by 3.8% during the 3rd quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock valued at $300,000 after acquiring an additional 30 shares in the last quarter. Haverford Trust Co boosted its holdings in Public Storage by 0.7% during the 3rd quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock worth $1,558,000 after acquiring an additional 30 shares during the last quarter. Huntington National Bank grew its stake in shares of Public Storage by 5.4% in the 3rd quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 33 shares in the last quarter. Finally, Chesapeake Wealth Management raised its holdings in shares of Public Storage by 2.2% in the third quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock valued at $560,000 after purchasing an additional 33 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Company 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.