Transcend Capital Advisors LLC Grows Position in Public Storage (NYSE:PSA)

Transcend Capital Advisors LLC lifted its position in shares of Public Storage (NYSE:PSA) by 10.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 864 shares of the real estate investment trust’s stock after buying an additional 85 shares during the period. Transcend Capital Advisors LLC’s holdings in Public Storage were worth $259,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PSA. Private Advisor Group LLC raised its holdings in shares of Public Storage by 13.3% during the 3rd quarter. Private Advisor Group LLC now owns 5,849 shares of the real estate investment trust’s stock valued at $2,128,000 after buying an additional 688 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Public Storage by 12.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,709 shares of the real estate investment trust’s stock valued at $1,713,000 after buying an additional 535 shares in the last quarter. Dakota Wealth Management purchased a new position in shares of Public Storage during the 3rd quarter valued at about $217,000. Ballentine Partners LLC purchased a new position in shares of Public Storage during the 3rd quarter valued at about $286,000. Finally, Allworth Financial LP raised its holdings in shares of Public Storage by 1.6% during the 3rd quarter. Allworth Financial LP now owns 7,098 shares of the real estate investment trust’s stock valued at $2,583,000 after buying an additional 112 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Trading Up 0.1 %

Public Storage stock opened at $304.30 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The business’s fifty day simple moving average is $298.12 and its two-hundred day simple moving average is $325.59. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a market capitalization of $53.29 billion, a price-to-earnings ratio of 31.60, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction on 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. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 11.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PSA shares. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company decreased their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday. Royal Bank of Canada decreased their price target on 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. Truist Financial lifted their price target 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, Barclays decreased 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. Seven equities research 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 stock. According to data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $341.85.

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.