Pacer Advisors Inc. Lowers Holdings in Public Storage $PSA

Key Points

• Pacer Advisors reduced its Public Storage position by 11.3% in the first quarter, selling 8,673 shares and retaining 68,159 shares valued at approximately $18.5 million.
• Institutional investors own 78.79% of Public Storage, while an insider recently sold 950 shares for about $308,570, reducing his holdings by 40.19%.
• Analysts have a consensus “Hold” rating with an average price target of $326.05; Public Storage shares recently opened at $326.58, near that target.

Pacer Advisors Inc. trimmed its position in Public Storage (NYSE:PSA - Free Report) by 11.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,159 shares of the real estate investment trust's stock after selling 8,673 shares during the period. Pacer Advisors Inc.'s holdings in Public Storage were worth $18,463,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Bayban purchased a new stake in shares of Public Storage in the fourth quarter worth $26,000. Harvest Fund Management Co. Ltd purchased a new position in Public Storage during the third quarter worth about $27,000. Wealth Watch Advisors INC bought a new position in Public Storage in the 3rd quarter worth about $34,000. Raiffeisen Bank International AG increased its stake in Public Storage by 35.2% in the 4th quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 37 shares during the last quarter. Finally, Knuff & Co LLC bought a new position in Public Storage in the 4th quarter worth about $38,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of NYSE PSA opened at $326.58 on Wednesday. The stock has a market cap of $57.33 billion, a price-to-earnings ratio of 31.16, a P/E/G ratio of 4.39 and a beta of 0.96. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. Public Storage has a 1-year low of $256.54 and a 1-year high of $335.55. The stock's 50-day moving average is $318.61 and its 200 day moving average is $302.59.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $324.81, for a total transaction of $308,569.50. Following the transaction, the insider directly owned 1,414 shares in the company, valued at $459,281.34. This trade represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on PSA shares. Truist Financial boosted their price objective on Public Storage from $302.00 to $338.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. Jefferies Financial Group raised their target price on shares of Public Storage from $350.00 to $355.00 and gave the company a "buy" rating in a research note on Wednesday, May 20th. Raymond James Financial assumed coverage on shares of Public Storage in a research report on Thursday, July 16th. They set a "market perform" rating for the company. Evercore set a $316.00 price target on shares of Public Storage in a research note on Monday, July 6th. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $341.00 price target on shares of Public Storage in a report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $326.05.

Public Storage Company Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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