Essex Financial Services Inc. Sells 38 Shares of Public Storage (NYSE:PSA)

Essex Financial Services Inc. lessened its position in Public Storage (NYSE:PSA) by 2.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,290 shares of the real estate investment trust’s stock after selling 38 shares during the quarter. Essex Financial Services Inc.’s holdings in Public Storage were worth $386,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Prospera Private Wealth LLC bought a new position in Public Storage in the 3rd quarter worth $34,000. Ashton Thomas Securities LLC bought a new position in Public Storage in the 3rd quarter worth $38,000. Synergy Asset Management LLC bought a new position in Public Storage in the 4th quarter worth $38,000. Harbor Capital Advisors Inc. bought a new position in Public Storage in the 3rd quarter worth $55,000. Finally, Toth Financial Advisory Corp increased its holdings in shares of Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 66 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE:PSA opened at $301.37 on Friday. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $52.77 billion, a PE ratio of 31.29, a price-to-earnings-growth ratio of 4.88 and a beta of 0.74. The firm has a 50-day moving average price of $301.98 and a 200 day moving average price of $325.71.

Analyst Ratings Changes

Several research analysts have recently issued reports on PSA shares. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Royal Bank of Canada dropped their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Wells Fargo & Company dropped their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Truist Financial boosted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Finally, Barclays dropped their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $344.54.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the company’s 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 sale, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.00% of the company’s stock.

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.