Massmutual Trust Co. FSB ADV Increases Stock Position in Public Storage (NYSE:PSA)

Massmutual Trust Co. FSB ADV boosted its stake in Public Storage (NYSE:PSA) by 15.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,566 shares of the real estate investment trust’s stock after acquiring an additional 2,770 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in Public Storage were worth $5,916,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSA. EverSource Wealth Advisors LLC lifted its position in Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 44 shares during the last quarter. Core Wealth Advisors Inc. purchased a new position in Public Storage during the fourth quarter worth about $30,000. EdgeRock Capital LLC purchased a new position in Public Storage during the fourth quarter worth about $32,000. Turtle Creek Wealth Advisors LLC purchased a new position in Public Storage during the fourth quarter worth about $35,000. Finally, ICA Group Wealth Management LLC purchased a new position in Public Storage during the fourth quarter worth about $37,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Public Storage Trading Down 2.6 %

Shares of NYSE:PSA traded down $8.24 during midday trading on Monday, reaching $303.66. The company had a trading volume of 1,395,065 shares, compared to its average volume of 721,167. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.54 and a current ratio of 0.93. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93. The firm has a market cap of $53.36 billion, a price-to-earnings ratio of 28.33, a price-to-earnings-growth ratio of 4.39 and a beta of 0.65. The company has a fifty day simple moving average of $288.97 and a two-hundred day simple moving average of $282.74.

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

Public Storage Dividend Announcement

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

Insider Buying and Selling

In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, 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 is accessible through this hyperlink. Also, Director Kristy Pipes acquired 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The shares were bought at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the acquisition, 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.

About Public Storage

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.