Public Storage (NYSE:PSA) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its holdings in shares of Public Storage (NYSE:PSA) by 4.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 988,869 shares of the real estate investment trust’s stock after selling 49,427 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.56% of Public Storage worth $284,448,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Rathbones Group PLC lifted its stake in Public Storage by 7.3% during the second quarter. Rathbones Group PLC now owns 8,115 shares of the real estate investment trust’s stock valued at $2,334,000 after purchasing an additional 554 shares during the last quarter. Thompson Siegel & Walmsley LLC lifted its stake in Public Storage by 66.7% during the second quarter. Thompson Siegel & Walmsley LLC now owns 19,250 shares of the real estate investment trust’s stock valued at $5,537,000 after purchasing an additional 7,700 shares during the last quarter. J.W. Cole Advisors Inc. lifted its stake in Public Storage by 3.4% during the second quarter. J.W. Cole Advisors Inc. now owns 1,956 shares of the real estate investment trust’s stock valued at $563,000 after purchasing an additional 65 shares during the last quarter. Inspire Advisors LLC lifted its stake in Public Storage by 4.0% during the second quarter. Inspire Advisors LLC now owns 2,187 shares of the real estate investment trust’s stock valued at $629,000 after purchasing an additional 85 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in Public Storage by 8.9% during the second quarter. Envestnet Asset Management Inc. now owns 160,997 shares of the real estate investment trust’s stock valued at $46,311,000 after purchasing an additional 13,142 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PSA has been the subject of several research analyst reports. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research report on Thursday, August 1st. Citigroup upped their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research report on Monday, August 5th. Royal Bank of Canada initiated coverage on shares of Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target for the company. Finally, Barclays upped their price target on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $325.85.

Public Storage Stock Performance

Shares of PSA opened at $362.96 on Tuesday. The company’s fifty day moving average is $321.65 and its 200-day moving average is $293.66. Public Storage has a 12 month low of $233.18 and a 12 month high of $364.61. The firm has a market cap of $63.78 billion, a price-to-earnings ratio of 32.97, a price-to-earnings-growth ratio of 5.06 and a beta of 0.67. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 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 business had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the company earned $4.28 EPS. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.31%. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Public Storage Company 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.