Pacer Advisors Inc. Reduces Holdings in Public Storage $PSA

Pacer Advisors Inc. trimmed its stake in shares of Public Storage (NYSE:PSA) by 11.3% during the 1st quarter, Holdings Channel.com reports. The fund owned 68,159 shares of the real estate investment trust’s stock after selling 8,673 shares during the quarter. Pacer Advisors Inc.’s holdings in Public Storage were worth $18,463,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of PSA. Empowered Funds LLC increased its stake in shares of Public Storage by 13.3% in the first quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust’s stock worth $954,000 after buying an additional 373 shares during the period. Sivia Capital Partners LLC bought a new stake in Public Storage in the 2nd quarter worth $929,000. Nebula Research & Development LLC bought a new stake in Public Storage in the 2nd quarter worth $1,113,000. Treasurer of the State of North Carolina increased its position in shares of Public Storage by 1.9% in the second quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust’s stock valued at $21,647,000 after acquiring an additional 1,390 shares during the period. Finally, Ieq Capital LLC increased its position in shares of Public Storage by 219.8% in the second quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust’s stock valued at $14,140,000 after acquiring an additional 33,122 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $324.81, for a total value of $308,569.50. Following the completion of the sale, 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 filing with the SEC, which is available at this link. 11.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PSA has been the subject of several recent analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $341.00 price objective on shares of Public Storage in a research note on Wednesday, April 29th. Scotiabank boosted their price target on Public Storage from $342.00 to $345.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Truist Financial boosted their price target on Public Storage from $302.00 to $338.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Barclays reiterated an “equal weight” rating and issued a $349.00 price objective on shares of Public Storage in a report on Friday, July 10th. Finally, Royal Bank Of Canada lifted their price objective on Public Storage from $305.00 to $318.00 and gave the stock a “sector perform” rating in a research report on Friday. Seven equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $326.05.

Public Storage Trading Up 0.2%

NYSE:PSA opened at $326.58 on Wednesday. The company has a 50-day moving average price of $318.61 and a 200-day moving average price of $302.59. 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 12 month low of $256.54 and a 12 month high of $335.55.

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.