Public Storage (NYSE:PSA) Stock Position Cut by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its stake in Public Storage (NYSE:PSA) by 0.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 94,702 shares of the real estate investment trust’s stock after selling 436 shares during the period. State of Alaska Department of Revenue owned 0.05% of Public Storage worth $28,356,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Trilogy Capital Inc. lifted its position in Public Storage by 4.1% in the fourth quarter. Trilogy Capital Inc. now owns 9,255 shares of the real estate investment trust’s stock worth $2,771,000 after purchasing an additional 367 shares during the period. Choreo LLC raised its stake in shares of Public Storage by 7.2% in the 4th quarter. Choreo LLC now owns 2,300 shares of the real estate investment trust’s stock worth $682,000 after buying an additional 155 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Public Storage by 11.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,978 shares of the real estate investment trust’s stock valued at $6,169,000 after buying an additional 2,213 shares during the period. Weaver Capital Management LLC boosted its stake in Public Storage by 12.1% during the fourth quarter. Weaver Capital Management LLC now owns 5,966 shares of the real estate investment trust’s stock valued at $1,786,000 after buying an additional 643 shares in the last quarter. Finally, Groesbeck Investment Management Corp NJ acquired a new position in Public Storage during the fourth quarter worth about $804,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PSA has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Truist Financial lifted their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Evercore ISI reduced their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Royal Bank of Canada cut their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Finally, Wells Fargo & Company lowered their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Seven equities 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $344.54.

Public Storage Stock Performance

NYSE:PSA opened at $302.13 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. The firm has a market capitalization of $52.91 billion, a PE ratio of 31.37, a price-to-earnings-growth ratio of 4.81 and a beta of 0.74. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The firm has a 50-day moving average price of $306.96 and a 200 day moving average price of $325.76.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.10% of the company’s stock.

About Public Storage

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.