Nan Shan Life Insurance Co. Ltd. Takes $19.83 Million Position in Public Storage (NYSE:PSA)


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Nan Shan Life Insurance Co. Ltd. acquired a new position in shares of Public Storage (NYSE:PSA) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 85,848 shares of the real estate investment trust’s stock, valued at approximately $19,825,000.

Other large investors have also made changes to their positions in the company. Ellevest Inc. boosted its holdings in Public Storage by 80.0% in the 4th quarter. Ellevest Inc. now owns 108 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 48 shares during the period. Norway Savings Bank acquired a new position in shares of Public Storage during the fourth quarter valued at about $27,000. Perigon Wealth Management LLC acquired a new position in shares of Public Storage during the fourth quarter valued at about $27,000. Crescent Capital Consulting LLC bought a new stake in shares of Public Storage in the fourth quarter valued at about $38,000. Finally, Prestige Wealth Management Group LLC grew its position in Public Storage by 43.8% during the third quarter. Prestige Wealth Management Group LLC now owns 230 shares of the real estate investment trust’s stock worth $51,000 after buying an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 79.99% of the company’s stock.

A number of analysts have commented on the company. Truist upgraded Public Storage from a “hold” rating to a “buy” rating and raised their price objective for the stock from $233.00 to $245.00 in a research report on Friday, January 22nd. BMO Capital Markets raised Public Storage from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $220.00 to $240.00 in a research report on Thursday, January 28th. Raymond James upgraded shares of Public Storage from an “underperform” rating to a “market perform” rating in a research note on Thursday, February 4th. Finally, Morgan Stanley initiated coverage on shares of Public Storage in a research note on Friday, January 22nd. They issued an “equal weight” rating and a $221.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $221.10.

NYSE:PSA traded up $6.56 on Tuesday, reaching $244.32. The stock had a trading volume of 15,905 shares, compared to its average volume of 906,520. The company has a market capitalization of $42.71 billion, a P/E ratio of 36.69, a price-to-earnings-growth ratio of 7.00 and a beta of 0.07. Public Storage has a 1-year low of $155.37 and a 1-year high of $240.75. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.52. The stock has a fifty day moving average price of $227.06 and a 200-day moving average price of $223.81.

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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the ÂShurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

Further Reading: Euro STOXX 50 Index

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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