Fairhaven Wealth Management LLC Has $2.74 Million Stake in Public Storage (NYSE:PSA)

Fairhaven Wealth Management LLC grew its holdings in Public Storage (NYSE:PSA) by 0.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,140 shares of the real estate investment trust’s stock after acquiring an additional 71 shares during the quarter. Public Storage accounts for about 0.9% of Fairhaven Wealth Management LLC’s investment portfolio, making the stock its 27th largest holding. Fairhaven Wealth Management LLC’s holdings in Public Storage were worth $2,737,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quent Capital LLC increased its stake in Public Storage by 135.1% during the 4th 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 acquired a new position in shares of Public Storage in the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC bought a new stake in shares of Public Storage during the third quarter worth $38,000. Synergy Asset Management LLC acquired a new stake in shares of Public Storage during the fourth quarter worth $38,000. Finally, Harbor Capital Advisors Inc. bought a new stake in Public Storage in the 3rd quarter valued at $55,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the 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 owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PSA shares. Wells Fargo & Company lowered 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. 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. Truist Financial boosted their target price on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Barclays decreased their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Finally, Royal Bank of Canada cut their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $341.85.

Public Storage Stock Performance

Shares of PSA stock opened at $302.33 on Tuesday. The company has a fifty day moving average price of $297.86 and a two-hundred day moving average price of $325.51. Public Storage has a one year low of $256.31 and a one year high of $369.99. The stock has a market cap of $52.94 billion, a P/E ratio of 31.39, a P/E/G ratio of 4.91 and a beta of 0.74. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage (NYSE:PSA) last issued its earnings results on Monday, February 24th. The real estate investment trust reported $4.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.23 by ($0.02). Public Storage had a net margin of 40.54% and a return on equity of 34.07%. As a group, equities analysts predict that Public Storage will post 16.7 EPS for the current year.

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.