MassMutual Private Wealth & Trust FSB Decreases Stock Position in Public Storage (NYSE:PSA)

MassMutual Private Wealth & Trust FSB cut its holdings in Public Storage (NYSE:PSA) by 11.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,634 shares of the real estate investment trust’s stock after selling 2,346 shares during the quarter. MassMutual Private Wealth & Trust FSB’s holdings in Public Storage were worth $5,580,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new position in shares of Public Storage during the third quarter valued at $34,000. Ashton Thomas Securities LLC purchased a new position in Public Storage in the 3rd quarter worth about $38,000. Compagnie Lombard Odier SCmA purchased a new position in Public Storage in the 3rd quarter worth about $50,000. Harbor Capital Advisors Inc. bought a new position in Public Storage during the 3rd quarter valued at about $55,000. Finally, Deseret Mutual Benefit Administrators boosted its holdings in shares of Public Storage by 39.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 206 shares of the real estate investment trust’s stock valued at $75,000 after acquiring an additional 58 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 11.10% of the stock is owned by corporate insiders.

Public Storage Trading Down 0.5 %

Public Storage stock opened at $296.25 on Monday. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The firm has a market capitalization of $51.88 billion, a price-to-earnings ratio of 30.76, a P/E/G ratio of 4.65 and a beta of 0.74. The firm has a 50 day moving average of $316.96 and a 200 day moving average of $325.63. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $3.00 per share. The ex-dividend date was Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. Public Storage’s payout ratio is 124.61%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Truist Financial boosted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Evercore ISI cut their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Morgan Stanley upped their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company dropped their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $344.54.

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.