Public Storage (NYSE:PSA) Position Reduced by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 906,017 shares of the real estate investment trust's stock after selling 15,422 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.52% of Public Storage worth $271,162,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PSA. Ameriflex Group Inc. acquired a new stake in Public Storage in the 4th quarter valued at $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Public Storage during the fourth quarter valued at about $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage during the first quarter valued at about $36,000. Millstone Evans Group LLC acquired a new stake in shares of Public Storage during the fourth quarter valued at about $38,000. Finally, Parvin Asset Management LLC acquired a new stake in shares of Public Storage during the fourth quarter valued at about $38,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PSA has been the subject of several recent analyst reports. Royal Bank Of Canada lowered their target price on Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a research note on Friday, May 2nd. Evercore ISI raised their target price on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. BNP Paribas upgraded Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. BNP Paribas Exane initiated coverage on Public Storage in a research note on Tuesday, June 24th. They set an "outperform" rating and a $331.00 target price for the company. Finally, Barclays reduced their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and a consensus price target of $337.64.

Public Storage Stock Performance

NYSE PSA traded down $1.52 during trading hours on Thursday, reaching $284.03. The company's stock had a trading volume of 474,975 shares, compared to its average volume of 764,187. The business has a 50-day simple moving average of $297.38 and a 200 day simple moving average of $296.58. The stock has a market cap of $49.83 billion, a PE ratio of 28.23, a PEG ratio of 4.11 and a beta of 0.86. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The business's revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.03 earnings per share. Equities research analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.22%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

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.