Wellington Management Group LLP Trims Position in Public Storage (NYSE:PSA)

Wellington Management Group LLP trimmed its position in Public Storage (NYSE:PSA) by 12.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,956,887 shares of the real estate investment trust’s stock after selling 402,516 shares during the quarter. Wellington Management Group LLP owned approximately 1.69% of Public Storage worth $885,410,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PSA. Quent Capital LLC lifted its stake in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Synergy Asset Management LLC bought a new position in shares of Public Storage in the fourth quarter worth $38,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage in the fourth quarter worth $38,000. Toth Financial Advisory Corp boosted its stake in Public Storage by 48.2% during the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after buying an additional 66 shares during the period. Finally, McIlrath & Eck LLC grew its position in Public Storage by 24.6% during the third quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock worth $79,000 after buying an additional 43 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Trading Up 1.7 %

NYSE PSA opened at $299.37 on Tuesday. The stock has a 50-day moving average of $299.97 and a 200-day moving average of $319.33. 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 has a 1-year low of $256.31 and a 1-year high of $369.99. The firm has a market cap of $52.51 billion, a PE ratio of 31.09, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

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

Wall Street Analyst Weigh In

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

Public Storage Company 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.