C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Makes New Investment in Public Storage (NYSE:PSA)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Public Storage (NYSE:PSA) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,233 shares of the real estate investment trust’s stock, valued at approximately $1,268,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Quent Capital LLC boosted its stake in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Public Storage during the third quarter worth approximately $34,000. Ashton Thomas Securities LLC bought a new stake in shares of Public Storage in the third quarter valued at approximately $38,000. Synergy Asset Management LLC acquired a new stake in shares of Public Storage in the fourth quarter worth $38,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Public Storage in the third quarter worth $55,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Truist Financial upped their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Wells Fargo & Company cut their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Barclays lowered their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Finally, Royal Bank of Canada reduced their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $300.13 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 business’s fifty day moving average price is $302.67 and its two-hundred day moving average price is $325.89. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The stock has a market capitalization of $52.56 billion, a price-to-earnings ratio of 31.17, a price-to-earnings-growth ratio of 4.88 and a beta of 0.74.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares of the company’s stock, 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 SEC, which is available at this hyperlink. 11.00% of the stock is owned by corporate insiders.

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.