Public Storage (NYSE:PSA) Stake Increased by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund grew its holdings in Public Storage (NYSE:PSA) by 9.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,118 shares of the real estate investment trust’s stock after purchasing an additional 454 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Public Storage were worth $1,533,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. State Street Corp lifted its holdings in shares of Public Storage by 0.5% in the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after purchasing an additional 55,123 shares in the last quarter. FMR LLC lifted its holdings in shares of Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after purchasing an additional 869,066 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Public Storage by 1.4% in the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock valued at $1,425,941,000 after purchasing an additional 52,807 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Public Storage by 2.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock worth $1,023,080,000 after acquiring an additional 54,992 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Public Storage by 732.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after acquiring an additional 1,358,493 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PSA. Barclays cut their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Wells Fargo & Company cut their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Truist Financial increased 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. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Royal Bank of Canada cut their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Seven equities 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. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $344.54.

Insider Activity

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 sale, the insider now directly owns 2,364 shares of the company’s stock, 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 this hyperlink. 11.10% of the stock is currently owned by company insiders.

Public Storage Trading Down 0.2 %

Shares of NYSE:PSA opened at $296.77 on Wednesday. The company has a market cap of $51.97 billion, a P/E ratio of 30.82, a P/E/G ratio of 4.80 and a beta of 0.74. The stock’s 50-day moving average is $299.25 and its 200-day moving average is $325.74. Public Storage has a 52-week low of $256.31 and a 52-week 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.

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.