CIBC Asset Management Inc Purchases 1,119 Shares of Public Storage (NYSE:PSA)

CIBC Asset Management Inc grew its holdings in shares of Public Storage (NYSE:PSA) by 4.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,888 shares of the real estate investment trust’s stock after buying an additional 1,119 shares during the period. CIBC Asset Management Inc’s holdings in Public Storage were worth $7,452,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PSA. Quent Capital LLC boosted its position in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 50 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in Public Storage during the 3rd quarter valued at about $34,000. Ashton Thomas Securities LLC purchased a new stake in Public Storage during the 3rd quarter valued at $38,000. Synergy Asset Management LLC bought a new position in Public Storage during the 4th quarter valued at about $38,000. Finally, Harbor Capital Advisors Inc. bought a new position in shares of Public Storage during the 3rd quarter valued at $55,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of Public Storage stock opened at $297.21 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The firm’s 50 day moving average is $298.73 and its two-hundred day moving average is $325.54. The firm has a market capitalization of $52.04 billion, a P/E ratio of 30.86, a P/E/G ratio of 4.80 and a beta of 0.74.

Analyst Ratings Changes

PSA has been the subject of several analyst reports. Royal Bank of Canada reduced their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Barclays cut 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 note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Truist Financial upped their target price on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Seven 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. According to data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and an average price target of $344.54.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’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. This represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.10% of the company’s stock.

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.