Cullen Capital Management LLC Reduces Stock Holdings in Public Storage $PSA

Cullen Capital Management LLC trimmed its position in shares of Public Storage (NYSE:PSA) by 75.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 721 shares of the real estate investment trust’s stock after selling 2,270 shares during the quarter. Cullen Capital Management LLC’s holdings in Public Storage were worth $208,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Public Storage in the 2nd quarter worth about $1,153,971,000. AQR Capital Management LLC lifted its holdings in Public Storage by 498.7% during the second quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock valued at $166,970,000 after purchasing an additional 481,872 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Public Storage during the second quarter worth about $94,297,000. 1832 Asset Management L.P. increased its stake in shares of Public Storage by 375.7% in the second quarter. 1832 Asset Management L.P. now owns 389,169 shares of the real estate investment trust’s stock worth $114,190,000 after purchasing an additional 307,357 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Public Storage by 1,158.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 153,878 shares of the real estate investment trust’s stock valued at $45,151,000 after purchasing an additional 141,651 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PSA. BMO Capital Markets reduced their price objective on shares of Public Storage from $320.00 to $305.00 and set a “market perform” rating for the company in a research note on Monday, December 22nd. Deutsche Bank Aktiengesellschaft cut Public Storage from a “buy” rating to a “hold” rating and set a $285.00 price target for the company. in a research report on Tuesday, January 20th. Truist Financial increased their price objective on Public Storage from $315.00 to $317.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Mizuho cut their target price on Public Storage from $310.00 to $285.00 and set a “neutral” rating for the company in a research note on Friday, December 5th. Finally, Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $310.00 price target on the stock. in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $306.63.

Public Storage Price Performance

Public Storage stock opened at $283.07 on Friday. The stock has a market cap of $49.67 billion, a price-to-earnings ratio of 29.39, a PEG ratio of 7.51 and a beta of 1.01. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 1.99. The business has a 50-day simple moving average of $273.05 and a 200 day simple moving average of $281.86. Public Storage has a 52 week low of $256.54 and a 52 week high of $322.49.

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.