Franklin Parlapiano Turner & Welch LLC Cuts Stock Holdings in Public Storage (NYSE:PSA)

Franklin Parlapiano Turner & Welch LLC trimmed its position in shares of Public Storage (NYSE:PSA) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,605 shares of the real estate investment trust’s stock after selling 766 shares during the quarter. Public Storage makes up about 2.1% of Franklin Parlapiano Turner & Welch LLC’s portfolio, making the stock its 16th biggest holding. Franklin Parlapiano Turner & Welch LLC’s holdings in Public Storage were worth $7,667,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PSA. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the 3rd quarter valued at approximately $34,000. Ashton Thomas Securities LLC purchased a new position in shares of Public Storage during the 3rd quarter valued at approximately $38,000. Compagnie Lombard Odier SCmA purchased a new stake in Public Storage in the 3rd quarter worth $50,000. Harbor Capital Advisors Inc. purchased a new stake in Public Storage in the 3rd quarter worth $55,000. Finally, Toth Financial Advisory Corp increased its holdings in Public Storage by 48.2% in the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after acquiring an additional 66 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 1.0 %

Shares of NYSE:PSA opened at $294.45 on Thursday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $51.56 billion, a PE ratio of 30.58, a price-to-earnings-growth ratio of 4.68 and a beta of 0.74. The firm’s 50-day moving average is $311.40 and its two-hundred day moving average is $326.04. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99.

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 shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the sale, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 11.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on PSA. Barclays cut their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Royal Bank of Canada cut their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Wells Fargo & Company dropped their target price on shares of 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 upped their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Finally, Evercore ISI dropped their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $344.54.

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.