Allspring Global Investments Holdings LLC Buys 14,789 Shares of Public Storage (NYSE:PSA)

Allspring Global Investments Holdings LLC increased its stake in Public Storage (NYSE:PSA) by 10.4% in the fourth quarter, HoldingsChannel reports. The fund owned 157,044 shares of the real estate investment trust’s stock after purchasing an additional 14,789 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Public Storage were worth $46,576,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PSA. Quent Capital LLC lifted its stake in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 50 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Public Storage in the 3rd quarter valued at about $34,000. Ashton Thomas Securities LLC bought a new stake in shares of Public Storage in the 3rd quarter valued at about $38,000. Synergy Asset Management LLC bought a new stake in shares of Public Storage in the 4th quarter valued at about $38,000. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Public Storage in the 3rd quarter valued at about $55,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.4 %

PSA stock opened at $301.37 on Friday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The business’s 50 day moving average price is $301.98 and its two-hundred day moving average price 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 company has a market capitalization of $52.77 billion, a price-to-earnings ratio of 31.29, a price-to-earnings-growth ratio of 4.88 and a beta of 0.74.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of recent analyst reports. Truist Financial upped 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. Barclays lowered their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Wells Fargo & Company lowered their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. 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. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $344.54.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction that occurred 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 $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 11.00% of the company’s stock.

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.