Envestnet Asset Management Inc. Raises Stock Position in Public Storage $PSA

Envestnet Asset Management Inc. increased its position in shares of Public Storage (NYSE:PSA) by 1.2% during the third quarter, HoldingsChannel.com reports. The fund owned 170,072 shares of the real estate investment trust’s stock after acquiring an additional 2,098 shares during the period. Envestnet Asset Management Inc.’s holdings in Public Storage were worth $49,125,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Harbor Asset Planning Inc. bought a new position in shares of Public Storage in the second quarter worth $25,000. First Pacific Financial purchased a new position in Public Storage during the third quarter worth about $26,000. Asset Dedication LLC increased its stake in Public Storage by 111.1% in the 2nd quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 50 shares during the last quarter. NewSquare Capital LLC raised its holdings in shares of 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 in the last quarter. Finally, Tradewinds Capital Management LLC bought a new stake in shares of Public Storage during the 3rd quarter valued at about $33,000. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

PSA stock opened at $288.97 on Tuesday. The firm has a market cap of $50.70 billion, a P/E ratio of 30.01, a P/E/G ratio of 9.72 and a beta of 1.01. The firm’s fifty day moving average is $273.65 and its 200 day moving average is $281.77. Public Storage has a 52 week low of $256.54 and a 52 week 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.

Wall Street Analyst Weigh In

PSA has been the topic of several research analyst reports. Truist Financial upped their price objective 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. Mizuho decreased their price target on shares of Public Storage from $310.00 to $285.00 and set a “neutral” rating on the stock in a report on Friday, December 5th. Wall Street Zen downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. Wells Fargo & Company lowered shares of Public Storage from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $330.00 to $295.00 in a research report on Thursday. Finally, The Goldman Sachs Group lowered their price target on Public Storage from $332.00 to $321.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $306.63.

About Public Storage

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.