Summit Asset Management LLC Sells 287 Shares of Public Storage (NYSE:PSA)

Summit Asset Management LLC trimmed its position in Public Storage (NYSE:PSA) by 16.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,433 shares of the real estate investment trust’s stock after selling 287 shares during the period. Summit Asset Management LLC’s holdings in Public Storage were worth $429,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of PSA. S.A. Mason LLC increased its stake in shares of Public Storage by 3.8% during the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock valued at $300,000 after purchasing an additional 30 shares in the last quarter. Haverford Trust Co increased its stake in shares of Public Storage by 0.7% during the third quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock valued at $1,558,000 after purchasing an additional 30 shares in the last quarter. Huntington National Bank grew its holdings in shares of Public Storage by 5.4% during the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock valued at $235,000 after buying an additional 33 shares during the last quarter. Chesapeake Wealth Management grew its holdings in shares of Public Storage by 2.2% during the third quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock valued at $560,000 after buying an additional 33 shares during the last quarter. Finally, Lindenwold Advisors INC grew its holdings in shares of Public Storage by 0.8% during the third quarter. Lindenwold Advisors INC now owns 4,390 shares of the real estate investment trust’s stock valued at $1,597,000 after buying an additional 34 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Up 0.1 %

Shares of PSA stock opened at $304.30 on Friday. The company has a market capitalization of $53.29 billion, a price-to-earnings ratio of 31.60, a PEG ratio of 4.91 and a beta of 0.74. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company’s fifty day moving average price is $298.12 and its 200-day moving average price is $325.48. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PSA. Wells Fargo & Company cut their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday. Truist Financial increased their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Barclays cut their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and raised their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Royal Bank of Canada dropped their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Seven 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. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $341.85.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction 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 $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 11.00% of the company’s stock.

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.