Kestra Investment Management LLC Makes New Investment in Public Storage (NYSE:PSA)

Kestra Investment Management LLC purchased a new position in shares of Public Storage (NYSE:PSA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 249 shares of the real estate investment trust’s stock, valued at approximately $75,000.

Several other hedge funds have also made changes to their positions in the business. Quent Capital LLC increased its position 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 purchasing an additional 50 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage during the 3rd quarter valued at $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage during the 3rd quarter worth $38,000. Synergy Asset Management LLC purchased a new position in shares of Public Storage in the 4th quarter worth $38,000. Finally, Harbor Capital Advisors Inc. purchased a new position in shares of Public Storage in the 3rd quarter worth $55,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the sale, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.00% of the company’s stock.

Public Storage Stock Performance

NYSE:PSA opened at $304.30 on Friday. The firm has a 50-day moving average of $298.12 and a two-hundred day moving average of $325.39. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The stock 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. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PSA shares. Truist Financial boosted their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Wells Fargo & Company decreased their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday. Royal Bank of Canada cut 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 report on Friday, November 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Barclays cut their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $341.85.

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.