Littlejohn Financial Services Inc. Invests $1.69 Million in Public Storage (NYSE:PSA)

Littlejohn Financial Services Inc. bought a new stake in Public Storage (NYSE:PSA) in the fourth quarter, HoldingsChannel reports. The firm bought 5,642 shares of the real estate investment trust’s stock, valued at approximately $1,689,000. Public Storage accounts for 1.5% of Littlejohn Financial Services Inc.’s investment portfolio, making the stock its 29th biggest position.

Several other hedge funds also recently made changes to their positions in the company. Quent Capital LLC raised its holdings in Public Storage by 135.1% in 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 in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage in the 3rd quarter worth about $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage in the 3rd quarter worth about $38,000. Synergy Asset Management LLC bought a new position in shares of Public Storage in the 4th quarter worth about $38,000. Finally, Harbor Capital Advisors Inc. purchased a new position in Public Storage during the 3rd quarter valued at about $55,000. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Barclays cut their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Wells Fargo & Company lowered their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Truist Financial increased their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Finally, Royal Bank of Canada lowered their price target on 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. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Public Storage Price Performance

PSA opened at $301.37 on Friday. The company’s 50-day simple moving average is $301.98 and its two-hundred day simple moving average is $325.71. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $52.77 billion, a P/E ratio of 31.29, a P/E/G ratio of 4.88 and a beta of 0.74. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 11.00% of the stock is owned by corporate insiders.

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.