Massachusetts Financial Services Co. MA Decreases Stock Holdings in Public Storage $PSA

Massachusetts Financial Services Co. MA reduced its position in shares of Public Storage (NYSE:PSA) by 3.8% in the second quarter, HoldingsChannel.com reports. The firm owned 871,563 shares of the real estate investment trust’s stock after selling 34,454 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Public Storage were worth $255,734,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Marshall & Sullivan Inc. WA bought a new position in Public Storage during the 2nd quarter valued at approximately $25,000. Harbor Asset Planning Inc. purchased a new position in shares of Public Storage during the second quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC bought a new position in shares of Public Storage during the first quarter valued at approximately $30,000. NewSquare Capital LLC raised its holdings in shares of Public Storage by 60.6% during the second quarter. NewSquare Capital LLC now owns 106 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 40 shares in the last quarter. Finally, Winch Advisory Services LLC lifted its stake in Public Storage by 39.8% in the first quarter. Winch Advisory Services LLC now owns 151 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 43 shares during the period. 78.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PSA. Wall Street Zen raised shares of Public Storage from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Wells Fargo & Company lifted their target price on shares of Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Barclays decreased their price target on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. JPMorgan Chase & Co. cut their price objective on Public Storage from $324.00 to $321.00 and set an “overweight” rating on the stock in a research report on Friday, September 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Public Storage in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $325.38.

Public Storage Price Performance

Shares of PSA opened at $274.22 on Monday. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $355.87. The firm’s 50-day simple moving average is $289.39 and its two-hundred day simple moving average is $291.81. The stock has a market cap of $48.12 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 4.72 and a beta of 0.91. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.The business’s revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $4.20 EPS. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. Analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Monday, December 15th. Public Storage’s payout ratio is currently 124.61%.

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.