Wellington Management Group LLP Sells 402,516 Shares of Public Storage (NYSE:PSA)

Wellington Management Group LLP decreased its holdings in shares of Public Storage (NYSE:PSA) by 12.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,956,887 shares of the real estate investment trust’s stock after selling 402,516 shares during the period. Wellington Management Group LLP’s holdings in Public Storage were worth $885,410,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Quent Capital LLC raised its holdings in shares of Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 50 shares in the last quarter. Synergy Asset Management LLC bought a new stake in Public Storage in the fourth quarter valued at $38,000. Millstone Evans Group LLC purchased a new position in Public Storage during the 4th quarter valued at $38,000. Toth Financial Advisory Corp raised its holdings in Public Storage by 48.2% in the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 66 shares in the last quarter. Finally, McIlrath & Eck LLC lifted its position in shares of Public Storage by 24.6% in the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock worth $79,000 after purchasing an additional 43 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 1.7 %

NYSE:PSA opened at $299.37 on Tuesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $52.51 billion, a P/E ratio of 31.09, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The firm has a 50-day simple moving average of $299.97 and a two-hundred day simple moving average of $319.33.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.01%. Public Storage’s payout ratio is currently 112.89%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PSA shares. Barclays reissued an “overweight” rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Scotiabank lowered their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Truist Financial reduced their price target on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $338.73.

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.