Paralel Advisors LLC Takes Position in Public Storage $PSA

Paralel Advisors LLC purchased a new position in shares of Public Storage (NYSE:PSA) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,700 shares of the real estate investment trust’s stock, valued at approximately $1,069,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSA. Harbor Asset Planning Inc. bought a new position in Public Storage in the 2nd quarter worth about $25,000. First Pacific Financial acquired a new stake in Public Storage in the third quarter worth approximately $26,000. Asset Dedication LLC lifted its holdings in shares of Public Storage by 111.1% in the second quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 50 shares during the period. NewSquare Capital LLC lifted its holdings in Public Storage by 60.6% in the 2nd quarter. NewSquare Capital LLC now owns 106 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 40 shares during the last quarter. Finally, Tradewinds Capital Management LLC acquired a new stake in Public Storage during the third quarter valued at approximately $33,000. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on PSA. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $301.00 target price (down from $316.00) on shares of Public Storage in a research report on Thursday, December 18th. Truist Financial increased their price target on shares of Public Storage from $315.00 to $317.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Wall Street Zen cut shares of Public Storage from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. The Goldman Sachs Group dropped their price objective on shares of Public Storage from $332.00 to $321.00 and set a “buy” rating on the stock in a research note on Thursday, January 15th. Finally, Wells Fargo & Company increased their target price on shares of Public Storage from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $313.19.

Public Storage Price Performance

Shares of Public Storage stock opened at $275.91 on Friday. The firm has a market cap of $48.41 billion, a P/E ratio of 28.65, a price-to-earnings-growth ratio of 7.22 and a beta of 1.01. The firm’s 50-day simple moving average is $272.40 and its 200-day simple moving average is $281.96. Public Storage has a twelve month low of $256.54 and a twelve month high of $322.49. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.45 and a current ratio of 0.45.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.24 by $0.07. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Public Storage had a net margin of 39.53% and a return on equity of 36.09%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.20 earnings per share. As a group, research analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage 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.