Bristlecone Advisors LLC Raises Stock Holdings in Public Storage (NYSE:PSA)

Bristlecone Advisors LLC increased its stake in Public Storage (NYSE:PSA) by 4.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,896 shares of the real estate investment trust’s stock after purchasing an additional 331 shares during the quarter. Bristlecone Advisors LLC’s holdings in Public Storage were worth $2,364,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new stake in Public Storage during the third quarter valued at $34,000. Ashton Thomas Securities LLC bought a new position in shares of Public Storage in the 3rd quarter worth approximately $38,000. Synergy Asset Management LLC purchased a new position in shares of Public Storage in the fourth quarter worth approximately $38,000. Compagnie Lombard Odier SCmA bought a new stake in Public Storage during the third quarter valued at approximately $50,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in Public Storage during the third quarter valued at approximately $55,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Barclays cut their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Evercore ISI cut their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Truist Financial lifted 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. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Wells Fargo & Company lowered their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

Public Storage Stock Performance

NYSE PSA opened at $302.48 on Monday. The company has a market cap of $52.97 billion, a P/E ratio of 31.41, a P/E/G ratio of 4.88 and a beta of 0.74. The business’s 50 day moving average price is $304.09 and its 200-day moving average price is $325.59. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Insider Buying and Selling at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, the insider now directly owns 2,364 shares of the company’s stock, valued at $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company 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.