OLD National Bancorp IN Trims Holdings in Public Storage (NYSE:PSA)

OLD National Bancorp IN reduced its holdings in shares of Public Storage (NYSE:PSA) by 13.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,009 shares of the real estate investment trust’s stock after selling 3,727 shares during the period. OLD National Bancorp IN’s holdings in Public Storage were worth $7,189,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC purchased a new position in Public Storage during the third quarter valued at $38,000. Synergy Asset Management LLC bought a new stake in Public Storage in the fourth quarter worth $38,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Public Storage in the third quarter worth $50,000. Finally, Harbor Capital Advisors Inc. bought a new position in shares of Public Storage during the third quarter valued at $55,000. Institutional investors own 78.79% of the company’s stock.

Insider Buying and Selling

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was 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 $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on PSA shares. Royal Bank of Canada dropped their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Barclays cut their price target 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. Evercore ISI decreased their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Wells Fargo & Company cut their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Finally, Truist Financial upped their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and a consensus price target of $344.54.

Public Storage Stock Up 1.3 %

PSA opened at $298.11 on Friday. The firm’s 50 day simple moving average is $310.63 and its two-hundred day simple moving average is $325.82. The company has a market capitalization of $52.20 billion, a PE ratio of 30.96, a PEG ratio of 4.74 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 current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage 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.