Modera Wealth Management LLC Acquires 2,301 Shares of Public Storage $PSA

Modera Wealth Management LLC bought a new stake in shares of Public Storage (NYSE:PSA) in the third quarter, Holdings Channel reports. The fund bought 2,301 shares of the real estate investment trust’s stock, valued at approximately $651,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PSA. BlackRock Inc. purchased a new position in shares of Public Storage in the second quarter worth about $5,495,077,000. Dimensional Fund Advisors LP raised its position in shares of Public Storage by 3.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,280,540 shares of the real estate investment trust’s stock worth $617,720,000 after buying an additional 67,787 shares in the last quarter. Legal & General Group Plc bought a new stake in Public Storage during the second quarter valued at $601,650,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Public Storage during the second quarter valued at $558,904,000. Finally, Deutsche Bank AG bought a new stake in Public Storage during the second quarter valued at $400,776,000. Institutional investors own 78.79% of the company’s stock.

Insider Buying and Selling at Public Storage

In related news, insider Nathaniel A. Vitan sold 1,414 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $327.53, for a total value of $463,127.42. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 11.10% of the company’s stock.

Public Storage Price Performance

Shares of NYSE:PSA opened at $333.02 on Tuesday. The stock has a market cap of $58.49 billion, a PE ratio of 18.25, a PEG ratio of 4.62 and a beta of 0.94. The company’s fifty day moving average is $299.06 and its 200 day moving average is $303.06. The company has a quick ratio of 0.66, a current ratio of 1.00 and a debt-to-equity ratio of 1.16. Public Storage has a 52 week low of $256.54 and a 52 week high of $335.55.

Public Storage (NYSE:PSA) last issued its earnings results on Monday, October 26th. The real estate investment trust reported $1.69 earnings per share for the quarter, missing the consensus estimate of $2.49 by ($0.80). Public Storage had a net margin of 37.76% and a return on equity of 29.93%. The company had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the company earned $4.31 earnings per share. The company’s revenue was up .5% compared to the same quarter last year. Research analysts anticipate that Public Storage will post 16.96 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on PSA. UBS Group restated a “neutral” rating on shares of Public Storage in a research report on Tuesday, October 27th. Wells Fargo & Company set a $311.00 price objective on Public Storage in a report on Tuesday, September 1st. Scotiabank cut their price objective on Public Storage from $346.00 to $343.00 and set a “sector outperform” rating for the company in a report on Wednesday, September 2nd. Truist Financial began coverage on shares of Public Storage in a research report on Friday, October 2nd. They issued a “buy” rating and a $317.00 price objective on the stock. Finally, Barclays raised their target price on shares of Public Storage from $350.00 to $351.00 and gave the company an “equal weight” rating in a research note on Thursday, September 10th. Seven research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat.com, Public Storage has an average rating of “Hold” and a consensus target price of $323.68.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust focused on the ownership, operation and development of self-storage facilities. The company rents storage units to residential and business customers, offering solutions for household belongings, commercial inventory, records, vehicles and other personal property. Many locations provide features such as climate-controlled units, electronic access, online reservations and moving and packing supplies.

Founded in 1972, Public Storage has grown into one of the largest self-storage operators in the United States.