Public Storage (NYSE:PSA) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP cut its stake in Public Storage (NYSE:PSA - Free Report) by 12.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 owned about 1.69% of Public Storage worth $885,410,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSA. Townsquare Capital LLC raised its stake in Public Storage by 42.6% in the third quarter. Townsquare Capital LLC now owns 3,981 shares of the real estate investment trust's stock valued at $1,449,000 after buying an additional 1,189 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in Public Storage during the third quarter worth approximately $248,000. Walleye Capital LLC acquired a new position in Public Storage in the third quarter valued at approximately $262,000. Fred Alger Management LLC purchased a new position in Public Storage in the third quarter valued at approximately $1,568,000. Finally, Edgestream Partners L.P. raised its holdings in Public Storage by 17.8% during the third quarter. Edgestream Partners L.P. now owns 7,732 shares of the real estate investment trust's stock worth $2,813,000 after purchasing an additional 1,166 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of NYSE:PSA traded down $1.42 during midday trading on Wednesday, hitting $297.44. The stock had a trading volume of 596,766 shares, compared to its average volume of 711,991. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a 50 day moving average price of $300.14 and a two-hundred day moving average price of $318.76. The company has a market capitalization of $52.18 billion, a PE ratio of 30.89, a P/E/G ratio of 4.91 and a beta of 0.73.

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Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is currently 112.89%.

Analysts Set New Price Targets

A number of research analysts recently commented on PSA shares. Barclays reaffirmed 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. Royal Bank of Canada cut their target price on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 26th. Scotiabank decreased their target price on Public Storage from $338.00 to $333.00 and set a "sector perform" rating for the company in a research report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and raised their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Wells Fargo & Company reduced their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Seven research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $338.73.

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.