Cibc World Market Inc. Has $20.95 Million Stock Position in Public Storage (NYSE:PSA)

Cibc World Market Inc. raised its position in Public Storage (NYSE:PSA) by 451.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,967 shares of the real estate investment trust’s stock after purchasing an additional 57,290 shares during the quarter. Cibc World Market Inc.’s holdings in Public Storage were worth $20,951,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Truist Financial Corp grew its stake in shares of Public Storage by 4.6% in the 2nd quarter. Truist Financial Corp now owns 30,772 shares of the real estate investment trust’s stock valued at $8,851,000 after buying an additional 1,361 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Public Storage in the second quarter worth approximately $2,442,000. Czech National Bank increased its stake in shares of Public Storage by 6.5% during the 3rd quarter. Czech National Bank now owns 32,087 shares of the real estate investment trust’s stock worth $11,675,000 after purchasing an additional 1,950 shares during the last quarter. Lwmg LLC bought a new position in shares of Public Storage during the 3rd quarter valued at $268,000. Finally, Handelsbanken Fonder AB lifted its stake in shares of Public Storage by 4.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust’s stock valued at $26,468,000 after purchasing an additional 2,832 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Barclays cut their target price on 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 raised Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Truist Financial upped their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Evercore ISI dropped their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Finally, Royal Bank of Canada decreased their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $344.54.

Public Storage Price Performance

Shares of Public Storage stock opened at $298.50 on Friday. The firm has a fifty day moving average price of $309.85 and a two-hundred day moving average price of $325.62. 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 current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $52.27 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 4.74 and a beta of 0.74.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.00% of the stock is owned by corporate insiders.

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.