Van ECK Associates Corp Boosts Stake in Public Storage (NYSE:PSA)

Van ECK Associates Corp raised its position in Public Storage (NYSE:PSA) by 0.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 100,266 shares of the real estate investment trust’s stock after purchasing an additional 167 shares during the quarter. Van ECK Associates Corp’s holdings in Public Storage were worth $30,024,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Quent Capital LLC increased its position in shares of 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 acquiring an additional 50 shares during the period. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the third quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new position in shares of Public Storage during the third quarter worth approximately $38,000. Synergy Asset Management LLC purchased a new position in shares of Public Storage during the fourth quarter worth approximately $38,000. Finally, Harbor Capital Advisors Inc. purchased a new position in shares of Public Storage during the third quarter worth approximately $55,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction on 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 sale, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Shares of PSA opened at $297.69 on Friday. The company has a market cap of $52.13 billion, a price-to-earnings ratio of 30.91, a price-to-earnings-growth ratio of 4.88 and a beta of 0.74. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a 50 day moving average of $301.36 and a two-hundred day moving average of $325.54.

Analyst Ratings Changes

A number of brokerages have recently commented on PSA. Wells Fargo & Company reduced their target price 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. Truist Financial lifted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Barclays cut their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, 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 on the stock in a report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and an average target price 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.