Public Storage (NYSE:PSA) Shares Sold by Essex Financial Services Inc.

Essex Financial Services Inc. cut its holdings in shares of Public Storage (NYSE:PSA) by 2.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,290 shares of the real estate investment trust’s stock after selling 38 shares during the period. Essex Financial Services Inc.’s holdings in Public Storage were worth $386,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Public Storage by 732.9% during 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 acquiring an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC lifted its position in shares of Public Storage by 389.9% during the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after purchasing an additional 1,164,630 shares during the last quarter. FMR LLC lifted its position 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 purchasing an additional 869,066 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Public Storage by 57.3% during the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock worth $405,278,000 after purchasing an additional 405,847 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Public Storage by 80.0% during the third quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock worth $79,639,000 after purchasing an additional 97,302 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Up 0.4 %

PSA stock opened at $301.37 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a fifty day simple moving average of $301.98 and a 200 day simple moving average of $325.71. The firm has a market cap of $52.77 billion, a PE ratio of 31.29, a PEG ratio of 4.88 and a beta of 0.74.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction on Friday, December 13th. The shares were 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 owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PSA has been the topic of several research analyst reports. Royal Bank of Canada reduced their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial increased their price target 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. Wells Fargo & Company reduced their price target 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. Finally, Barclays cut their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $344.54.

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.