ING Groep NV Buys New Shares in Public Storage (NYSE:PSA)

ING Groep NV bought a new stake in Public Storage (NYSE:PSA) in the fourth quarter, HoldingsChannel reports. The fund bought 20,129 shares of the real estate investment trust’s stock, valued at approximately $6,027,000.

A number of other institutional investors have also recently bought and sold shares of PSA. Quent Capital LLC grew its stake in Public Storage by 135.1% during 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 during the period. Prospera Private Wealth LLC purchased a new stake in Public Storage during the third quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new stake in Public Storage during the third quarter worth approximately $38,000. Synergy Asset Management LLC purchased a new stake in Public Storage during the fourth quarter worth approximately $38,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in Public Storage during the third quarter worth approximately $55,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Up 0.1 %

Public Storage stock opened at $304.30 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The firm’s 50-day moving average is $298.12 and its 200-day moving average is $325.39. The company has a market cap of $53.29 billion, a P/E ratio of 31.60, a PEG ratio of 4.80 and a beta of 0.74.

Insider Buying and Selling

In related 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 sale, the insider now owns 2,364 shares of the company’s stock, valued at $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.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PSA. 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 research note on Monday, January 13th. Truist Financial boosted their target price 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. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. 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 on the stock in a research report on Friday, November 8th. Finally, Wells Fargo & Company reduced their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.