Massachusetts Financial Services Co. MA Has $284.45 Million Holdings in Public Storage (NYSE:PSA)

Massachusetts Financial Services Co. MA cut its position in Public Storage (NYSE:PSA) by 4.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 988,869 shares of the real estate investment trust’s stock after selling 49,427 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Public Storage were worth $284,448,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in 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 during the last quarter. Core Wealth Advisors Inc. acquired a new position in Public Storage in the 4th quarter valued at $30,000. OFI Invest Asset Management acquired a new position in Public Storage in the 2nd quarter valued at $32,000. ICA Group Wealth Management LLC acquired a new stake in Public Storage in the 4th quarter worth $37,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Public Storage in the 2nd quarter worth $36,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSA has been the topic of several research analyst reports. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Evercore ISI raised their price target on shares of Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research report on Monday. Truist Financial lowered shares of 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, August 1st. Wells Fargo & Company raised their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Barclays raised their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $325.85.

Public Storage Price Performance

NYSE:PSA opened at $362.96 on Tuesday. The firm has a market cap of $63.78 billion, a PE ratio of 32.97, a price-to-earnings-growth ratio of 5.06 and a beta of 0.67. Public Storage has a 12 month low of $233.18 and a 12 month high of $364.61. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The company’s 50-day moving average price is $321.65 and its two-hundred day moving average price is $293.66.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm earned $4.28 earnings per share. On average, equities analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

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

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.