MassMutual Private Wealth & Trust FSB Reduces Stock Holdings in Public Storage $PSA

MassMutual Private Wealth & Trust FSB lowered its stake in Public Storage (NYSE:PSA) by 19.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,010 shares of the real estate investment trust’s stock after selling 3,322 shares during the period. MassMutual Private Wealth & Trust FSB’s holdings in Public Storage were worth $3,636,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Public Storage by 10.8% in the 3rd quarter. Vanguard Group Inc. now owns 23,068,701 shares of the real estate investment trust’s stock worth $6,663,394,000 after purchasing an additional 2,253,225 shares during the period. State Street Corp boosted its stake in shares of Public Storage by 1.2% during the 2nd quarter. State Street Corp now owns 10,613,807 shares of the real estate investment trust’s stock valued at $3,114,303,000 after purchasing an additional 126,113 shares in the last quarter. Norges Bank purchased a new position in shares of Public Storage during the second quarter valued at about $1,153,971,000. JPMorgan Chase & Co. increased its position in shares of Public Storage by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust’s stock valued at $963,177,000 after buying an additional 177,421 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Public Storage by 3.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,924,395 shares of the real estate investment trust’s stock worth $857,674,000 after buying an additional 87,918 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on PSA. The Goldman Sachs Group restated a “buy” rating and issued a $330.00 price objective on shares of Public Storage in a report on Friday, February 20th. Barclays upped their target price on Public Storage from $331.00 to $347.00 and gave the stock an “overweight” rating in a report on Thursday, March 5th. Evercore set a $302.00 target price on Public Storage in a research note on Tuesday, February 17th. William Blair set a $305.00 target price on Public Storage in a research note on Monday, March 16th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $301.00 price target (down from $316.00) on shares of Public Storage in a research report on Thursday, December 18th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $307.00.

Public Storage Trading Down 4.1%

Shares of NYSE PSA opened at $265.99 on Friday. Public Storage has a 1 year low of $256.54 and a 1 year high of $312.95. The stock has a market cap of $46.68 billion, a P/E ratio of 29.49, a price-to-earnings-growth ratio of 5.37 and a beta of 0.99. The firm has a 50-day moving average of $292.15 and a 200 day moving average of $284.38. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a $3.00 dividend. The ex-dividend date is Monday, March 16th. This represents a $12.00 annualized dividend and a dividend yield of 4.5%. Public Storage’s dividend payout ratio is presently 133.04%.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.