Stonegate Investment Group LLC Has $416,000 Stake in Public Storage (NYSE:PSA)

Stonegate Investment Group LLC lowered its position in Public Storage (NYSE:PSA) by 4.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,389 shares of the real estate investment trust’s stock after selling 70 shares during the period. Stonegate Investment Group LLC’s holdings in Public Storage were worth $416,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Public Storage by 732.9% during the 3rd 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 worth $561,763,000 after purchasing an additional 1,358,493 shares during the last quarter. Adelante Capital Management LLC increased its position in 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 buying an additional 1,164,630 shares during the last quarter. FMR LLC increased its position in 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 during the last quarter. Daiwa Securities Group Inc. raised its holdings in 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 valued at $405,278,000 after buying an additional 405,847 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of Public Storage by 80.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock worth $79,639,000 after acquiring an additional 97,302 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the topic of a number of recent analyst reports. Evercore ISI cut their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Wells Fargo & Company dropped 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. Barclays decreased their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Royal Bank of Canada decreased their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Public Storage Price Performance

Shares of NYSE:PSA opened at $297.29 on Wednesday. The business’s 50 day moving average is $312.14 and its 200-day moving average is $326.08. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $52.06 billion, a PE ratio of 30.87, a PEG ratio of 4.68 and a beta of 0.74. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99.

Insiders Place Their Bets

In other 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 transaction of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.00% of the company’s stock.

Public Storage Company 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.