NSA jumps 29% on $10.5B all-stock acquisition agreement with Public Storage

National Storage Affiliates Trust (NSA) is up 29.1% today. Here is some analysis on what might have caused this price movement.

Analysis: The stock is rallying after Public Storage agreed to acquire National Storage Affiliates in an all-stock transaction, pushing NSA shares toward the implied takeout value. Deal-announcement pops like this are typical when a buyer offers a premium and the consideration is clearly defined.

Details:

Public Storage announced an all-stock deal to buy National Storage Affiliates with an equity value of about $10.5 billion.

NSA shareholders and operating partnership unitholders are set to receive 0.14 shares (or equivalent units) of Public Storage for each NSA share/unit, implying about $41.68 per NSA share at announcement-time pricing.

The transaction was approved by both companies’ boards and is expected to close in the third quarter of 2026, subject to NSA equity holder and regulatory approvals.

Before closing, the companies plan to form a joint venture including 313 properties on NSA’s operating platform, with an estimated value of about $3.3 billion, and Public Storage would manage the portfolio.

Sources:

Associated Press

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$NSA Hedge Fund Activity

We have seen 158 institutional investors add shares of $NSA stock to their portfolio, and 200 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

THRIVENT FINANCIAL FOR LUTHERANS removed 1,638,918 shares (-99.0%) from their portfolio in Q4 2025, for an estimated $46,233,876
CITIGROUP INC added 1,346,193 shares (+530.1%) to their portfolio in Q4 2025, for an estimated $37,976,104
LAND & BUILDINGS INVESTMENT MANAGEMENT, LLC added 1,314,463 shares (+inf%) to their portfolio in Q4 2025, for an estimated $37,081,001
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 1,311,119 shares (-76.4%) from their portfolio in Q4 2025, for an estimated $36,986,666
COHEN & STEERS, INC. added 1,281,337 shares (+145.6%) to their portfolio in Q4 2025, for an estimated $36,146,516
LONG POND CAPITAL, LP removed 1,254,976 shares (-32.6%) from their portfolio in Q4 2025, for an estimated $35,402,872
ENGINEERS GATE MANAGER LP removed 1,253,921 shares (-98.3%) from their portfolio in Q4 2025, for an estimated $35,373,111

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$NSA Price Targets

Multiple analysts have issued price targets for $NSA recently. We have seen 7 analysts offer price targets for $NSA in the last 6 months, with a median target of $33.0.

Here are some recent targets:

Brendan Lynch from Barclays set a target price of $38.0 on 03/05/2026
Steve Sakwa from Evercore ISI Group set a target price of $33.0 on 02/27/2026
Eric Luebchow from Wells Fargo set a target price of $33.0 on 02/05/2026
Ki Bin Kim from Truist Securities set a target price of $33.0 on 01/20/2026
Ravi Vaidya from Mizuho set a target price of $32.0 on 01/12/2026
Michael Goldsmith from UBS set a target price of $29.0 on 01/08/2026
Ronald Kamdem from Morgan Stanley set a target price of $32.0 on 12/05/2025

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.