BlackRock Inc. raised its stake in Public Storage (NYSE:PSA) by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,205,032 shares of the real estate investment trust’s stock after acquiring an additional 312,682 shares during the period. BlackRock Inc. owned 8.74% of Public Storage worth $3,177,851,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of PSA. Cable Hill Partners LLC boosted its stake in Public Storage by 139.9% in the third quarter. Cable Hill Partners LLC now owns 787 shares of the real estate investment trust’s stock valued at $168,000 after acquiring an additional 459 shares during the period. Advisory Services Network LLC boosted its stake in Public Storage by 184.6% in the fourth quarter. Advisory Services Network LLC now owns 942 shares of the real estate investment trust’s stock valued at $197,000 after acquiring an additional 611 shares during the period. Grimes & Company Inc. acquired a new position in Public Storage in the third quarter valued at approximately $204,000. Glenview State Bank Trust DEPT. acquired a new position in Public Storage in the third quarter valued at approximately $205,000. Finally, Fisher Asset Management LLC acquired a new position in Public Storage in the third quarter valued at approximately $209,000. Institutional investors own 80.51% of the company’s stock.
In related news, Director Gary E. Pruitt sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $212.09, for a total transaction of $1,060,450.00. Following the sale, the director now owns 8,350 shares of the company’s stock, valued at $1,770,951.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Reyes sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $212.24, for a total value of $12,734,400.00. The disclosure for this sale can be found here. Insiders own 14.42% of the company’s stock.
A number of equities analysts have commented on PSA shares. B. Riley restated a “neutral” rating on shares of Public Storage in a research note on Wednesday, November 1st. Bank of America downgraded Public Storage from a “neutral” rating to an “underperform” rating and set a $212.00 target price for the company. in a research note on Monday, December 4th. They noted that the move was a valuation call. Zacks Investment Research downgraded Public Storage from a “hold” rating to a “sell” rating in a research report on Wednesday, January 24th. Barclays reiterated a “hold” rating and set a $207.00 price objective on shares of Public Storage in a research report on Thursday, October 19th. Finally, Robert W. Baird downgraded Public Storage from a “neutral” rating to an “underperform” rating and set a $205.00 price objective for the company. in a research report on Tuesday, November 28th. Eight analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $208.92.
Public Storage (PSA) opened at $190.48 on Friday. The stock has a market capitalization of $32,507.38, a P/E ratio of 18.85, a PEG ratio of 3.67 and a beta of 0.31. Public Storage has a 52-week low of $180.48 and a 52-week high of $232.21.
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Public Storage Profile
Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
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