MassMutual Private Wealth & Trust FSB lessened its stake in Public Storage (NYSE:PSA – Free Report) by 55.7% in the second quarter, HoldingsChannel reports. The firm owned 5,715 shares of the real estate investment trust’s stock after selling 7,184 shares during the period. MassMutual Private Wealth & Trust FSB’s holdings in Public Storage were worth $1,819,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Public Storage during the 4th quarter valued at $1,163,751,000. Capital International Investors grew its holdings in shares of Public Storage by 821.4% in the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock worth $1,073,032,000 after acquiring an additional 3,686,211 shares during the period. Vanguard Group Inc. grew its holdings in shares of Public Storage by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock worth $6,576,534,000 after acquiring an additional 2,274,397 shares during the period. First Trust Advisors LP increased its position in Public Storage by 287.7% during the fourth quarter. First Trust Advisors LP now owns 721,588 shares of the real estate investment trust’s stock valued at $187,252,000 after acquiring an additional 535,465 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Public Storage by 498.7% during the second quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock valued at $166,970,000 after acquiring an additional 481,872 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on PSA. Scotiabank raised their target price on Public Storage from $342.00 to $345.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Mizuho upped their price target on shares of Public Storage from $301.00 to $316.00 and gave the company a “neutral” rating in a research report on Wednesday, May 27th. Royal Bank Of Canada increased their price objective on shares of Public Storage from $305.00 to $318.00 and gave the stock a “sector perform” rating in a research note on Friday. Weiss Ratings raised shares of Public Storage from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, June 12th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Public Storage from $291.00 to $338.00 and gave the stock a “neutral” rating in a report on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Hold” and an average target price of $326.05.
Insider Buying and Selling
In other news, insider Nathaniel A. Vitan sold 950 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $324.81, for a total value of $308,569.50. Following the transaction, the insider owned 1,414 shares of the company’s stock, valued at $459,281.34. This trade represents a 40.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.10% of the stock is currently owned by insiders.
Public Storage Price Performance
Shares of Public Storage stock opened at $326.58 on Wednesday. The stock has a market cap of $57.33 billion, a P/E ratio of 31.16, a P/E/G ratio of 4.39 and a beta of 0.96. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.66 and a current ratio of 0.66. The stock’s fifty day moving average is $318.61 and its 200 day moving average is $302.59. Public Storage has a one year low of $256.54 and a one year high of $335.55.
Public Storage Company Profile
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.
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