Man Group plc Has $8.75 Million Stock Holdings in Public Storage (NYSE:PSA)

Man Group plc reduced its position in shares of Public Storage (NYSE:PSA - Free Report) by 54.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,217 shares of the real estate investment trust's stock after selling 35,473 shares during the period. Man Group plc's holdings in Public Storage were worth $8,749,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PSA. 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 worth $26,000 after purchasing an additional 50 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in Public Storage during the fourth quarter worth about $32,000. Synergy Asset Management LLC bought a new position in Public Storage in the fourth quarter worth about $38,000. Millstone Evans Group LLC acquired a new position in Public Storage in the fourth quarter valued at approximately $38,000. Finally, Parvin Asset Management LLC bought a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

PSA traded up $0.08 during trading on Thursday, reaching $295.94. The stock had a trading volume of 592,467 shares, compared to its average volume of 744,087. The stock has a 50 day moving average of $293.82 and a two-hundred day moving average of $305.26. 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 capitalization of $51.92 billion, a price-to-earnings ratio of 30.73, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating the consensus estimate of $4.06 by $0.06. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The company's revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.03 earnings per share. As a group, equities analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be issued a $3.00 dividend. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.05%. Public Storage's payout ratio is currently 119.17%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PSA. Mizuho began coverage on Public Storage in a research report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price objective for the company. Wells Fargo & Company reduced their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a research report on Thursday, April 10th. Bank of America lifted their price objective on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Finally, Royal Bank of Canada decreased their target price on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a research report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, seven 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 $337.42.

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.