Trustmark National Bank Trust Department bought a new position in shares of Public Storage (NYSE:PSA – Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 702 shares of the real estate investment trust’s stock, valued at approximately $204,000.
Several other large investors have also made changes to their positions in PSA. Whittier Trust Co. raised its stake in shares of Public Storage by 22.9% during the 4th quarter. Whittier Trust Co. now owns 2,000 shares of the real estate investment trust’s stock worth $610,000 after buying an additional 373 shares during the period. Brookstone Capital Management raised its stake in shares of Public Storage by 34.2% during the 4th quarter. Brookstone Capital Management now owns 1,182 shares of the real estate investment trust’s stock worth $361,000 after buying an additional 301 shares during the period. SG Americas Securities LLC raised its stake in Public Storage by 23.4% in the 4th quarter. SG Americas Securities LLC now owns 10,041 shares of the real estate investment trust’s stock valued at $3,063,000 after purchasing an additional 1,902 shares during the last quarter. HB Wealth Management LLC acquired a new position in Public Storage in the 4th quarter valued at $429,000. Finally, CoreCap Advisors LLC acquired a new position in Public Storage in the 4th quarter valued at $305,000. 78.79% of the stock is owned by institutional investors and hedge funds.
Public Storage Trading Down 0.7 %
Shares of NYSE PSA traded down $2.14 during mid-day trading on Wednesday, reaching $299.83. 239,255 shares of the company’s stock were exchanged, compared to its average volume of 709,732. The firm has a market capitalization of $52.69 billion, a price-to-earnings ratio of 27.27, a PEG ratio of 4.43 and a beta of 0.65. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. Public Storage has a 52-week low of $233.18 and a 52-week high of $314.93. The company’s 50-day moving average is $286.07 and its 200-day moving average is $282.42.
Public Storage Dividend Announcement
Wall Street Analyst Weigh In
Several research analysts recently commented on PSA shares. Barclays reduced their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research note on Monday, May 20th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research note on Thursday, March 28th. Evercore ISI increased their price objective on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Finally, Scotiabank raised their target price on Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $309.64.
Check Out Our Latest Stock Analysis on PSA
Insider Activity at Public Storage
In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was acquired at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the purchase, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by company insiders.
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.
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