Blue Trust Inc. Reduces Stock Position in Public Storage (NYSE:PSA)

Blue Trust Inc. lowered its stake in shares of Public Storage (NYSE:PSA) by 83.6% during the 4th quarter, HoldingsChannel reports. The fund owned 259 shares of the real estate investment trust’s stock after selling 1,321 shares during the period. Blue Trust Inc.’s holdings in Public Storage were worth $78,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Quent Capital LLC raised its position in shares of 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 buying an additional 50 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage in the third quarter worth $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage in the third quarter worth $38,000. Synergy Asset Management LLC purchased a new stake in shares of Public Storage in the fourth quarter worth $38,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of Public Storage in the third quarter worth $55,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Public Storage stock opened at $304.30 on Monday. 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 firm has a 50-day moving average of $298.12 and a 200-day moving average of $325.59. The firm has a market cap of $53.29 billion, a P/E ratio of 31.60, a P/E/G ratio of 4.91 and a beta of 0.74.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm’s 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 completion of the sale, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 11.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PSA. Truist Financial increased their price objective on 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 lowered their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday. Barclays reduced their target price 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. Royal Bank of Canada reduced their target price on 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, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $341.85.

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.