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

Wellington Management Group LLP trimmed its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 12.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Doliver Advisors LP raised its position in Public Storage by 2.6% in the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust's stock worth $433,000 after acquiring an additional 36 shares during the period. Brooklyn Investment Group raised its holdings in shares of Public Storage by 3.4% in the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust's stock worth $345,000 after purchasing an additional 38 shares during the period. Werba Rubin Papier Wealth Management lifted its stake in Public Storage by 1.7% in the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock valued at $681,000 after purchasing an additional 38 shares during the last quarter. Continuum Advisory LLC increased its position in Public Storage by 7.6% in the third quarter. Continuum Advisory LLC now owns 549 shares of the real estate investment trust's stock worth $182,000 after buying an additional 39 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its position in Public Storage by 2.4% in the third quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust's stock worth $617,000 after buying an additional 39 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PSA. Scotiabank cut their price target 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. Barclays reiterated an "overweight" rating and set a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Royal Bank of Canada lowered their price target on shares of 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. Truist Financial cut their price objective on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a report on Tuesday, March 18th. Finally, Wells Fargo & Company reduced their price objective on shares of 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 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $338.73.

Public Storage Price Performance

NYSE:PSA traded down $10.74 during trading hours on Friday, hitting $284.00. 1,407,016 shares of the company's stock traded hands, compared to its average volume of 718,754. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The business's fifty day simple moving average is $300.05 and its two-hundred day simple moving average is $317.76. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market cap of $49.82 billion, a P/E ratio of 29.49, a P/E/G ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

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 dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.23%. Public Storage's dividend payout ratio is 112.89%.

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.