Sumitomo Mitsui Trust Group Inc. Sells 27,299 Shares of Public Storage (NYSE:PSA)

Sumitomo Mitsui Trust Group Inc. lessened its stake in Public Storage (NYSE:PSA) by 3.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 769,165 shares of the real estate investment trust’s stock after selling 27,299 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Public Storage were worth $230,319,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. State Street Corp lifted its stake in shares of Public Storage by 0.5% in the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after buying an additional 55,123 shares during the period. FMR LLC increased its holdings in shares of Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after buying an additional 869,066 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Public Storage by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock worth $1,425,941,000 after buying an additional 52,807 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Public Storage by 2.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock worth $1,023,080,000 after buying an additional 54,992 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Public Storage by 732.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after purchasing an additional 1,358,493 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and raised their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Barclays reduced their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Wells Fargo & Company cut their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Royal Bank of Canada reduced their target price on shares of 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. Finally, Evercore ISI cut their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Public Storage Stock Down 0.1 %

Public Storage stock opened at $302.48 on Friday. The stock has a market cap of $52.97 billion, a P/E ratio of 31.41, a P/E/G ratio of 4.81 and a beta of 0.74. 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 twelve month low of $256.31 and a twelve month high of $369.99. The company’s 50-day moving average price is $305.00 and its two-hundred day moving average price is $325.44.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.