Louisiana State Employees Retirement System Trims Holdings in Public Storage (NYSE:PSA)

Louisiana State Employees Retirement System decreased its holdings in Public Storage (NYSE:PSA) by 4.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,500 shares of the real estate investment trust’s stock after selling 400 shares during the period. Louisiana State Employees Retirement System’s holdings in Public Storage were worth $2,545,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSA. Quent Capital LLC increased its stake in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Public Storage in the third quarter valued at about $34,000. Ashton Thomas Securities LLC bought a new stake in shares of Public Storage in the third quarter valued at about $38,000. Synergy Asset Management LLC bought a new stake in shares of Public Storage in the fourth quarter valued at about $38,000. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Public Storage in the third quarter valued at about $55,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insider Transactions at Public Storage

In other 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 transaction of $143,095.50. Following the sale, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PSA. Barclays decreased their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Royal Bank of Canada decreased their price objective 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. Truist Financial boosted their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company reduced their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Seven research 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $344.54.

Public Storage Price Performance

Shares of PSA stock opened at $301.37 on Friday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The firm has a market capitalization of $52.77 billion, a price-to-earnings ratio of 31.29, a PEG ratio of 4.88 and a beta of 0.74. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock’s 50-day simple moving average is $301.98 and its 200-day simple moving average is $325.71.

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.