Sumitomo Life Insurance Co. Reduces Stock Holdings in Public Storage (NYSE:PSA)

Sumitomo Life Insurance Co. cut its holdings in Public Storage (NYSE:PSA) by 2.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,600 shares of the real estate investment trust’s stock after selling 109 shares during the period. Sumitomo Life Insurance Co.’s holdings in Public Storage were worth $1,078,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage in the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC acquired a new stake in Public Storage during the 3rd quarter valued at $38,000. Compagnie Lombard Odier SCmA purchased a new position in Public Storage during the third quarter worth $50,000. Harbor Capital Advisors Inc. acquired a new position in shares of Public Storage in the third quarter worth $55,000. Finally, Toth Financial Advisory Corp lifted its position in shares of Public Storage by 48.2% in the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 66 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Down 1.0 %

Shares of NYSE:PSA opened at $294.45 on Thursday. The stock has a 50-day simple moving average of $311.40 and a 200-day simple moving average of $326.04. The stock has a market capitalization of $51.56 billion, a P/E ratio of 30.58, 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. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, the insider now 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 11.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on PSA. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Royal Bank of Canada cut their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company cut their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Finally, Truist Financial raised their price objective on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $344.54.

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.