Public Storage (NYSE:PSA) Shares Acquired by Massmutual Trust Co. FSB ADV

Massmutual Trust Co. FSB ADV increased its stake in Public Storage (NYSE:PSA) by 15.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,566 shares of the real estate investment trust’s stock after purchasing an additional 2,770 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Public Storage were worth $5,916,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSA. EverSource Wealth Advisors LLC grew its stake in shares of Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new stake in shares of Public Storage in the 4th quarter valued at approximately $30,000. EdgeRock Capital LLC bought a new stake in shares of Public Storage in the 4th quarter valued at approximately $32,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Public Storage in the 4th quarter valued at approximately $35,000. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Public Storage in the 4th quarter valued at approximately $37,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

Public Storage stock traded down $8.24 during mid-day trading on Monday, hitting $303.66. 1,395,065 shares of the company were exchanged, compared to its average volume of 721,167. The company has a quick ratio of 0.54, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The business has a fifty day moving average of $288.97 and a 200 day moving average of $282.74. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93. The company has a market capitalization of $53.36 billion, a PE ratio of 28.33, a price-to-earnings-growth ratio of 4.39 and a beta of 0.65.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the company earned $4.28 earnings per share. The business’s revenue was down 1.0% compared to the same quarter last year. As a group, sell-side analysts expect that Public Storage will post 16.8 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.95%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is presently 108.99%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PSA shares. Barclays lowered their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research note on Monday, May 20th. Wells Fargo & Company upped their target price on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Evercore ISI upped their target price on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday. Finally, Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research report on Monday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $310.42.

Insider Transactions at Public Storage

In related news, Director Kristy Pipes bought 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the sale, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kristy Pipes bought 2,149 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the transaction, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 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.