Wellington Management Group LLP Purchases 30,775 Shares of Public Storage $PSA

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Wellington Management Group LLP raised its stake in shares of Public Storage (NYSE:PSA - Free Report) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,987,662 shares of the real estate investment trust's stock after purchasing an additional 30,775 shares during the quarter. Wellington Management Group LLP owned about 1.70% of Public Storage worth $894,177,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its stake in Public Storage by 12.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock valued at $13,240,000 after purchasing an additional 4,746 shares in the last quarter. Brighton Jones LLC increased its stake in Public Storage by 9.7% during the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock valued at $517,000 after purchasing an additional 152 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in Public Storage by 1.2% during the 1st quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock valued at $92,960,000 after purchasing an additional 3,627 shares in the last quarter. Private Trust Co. NA increased its stake in Public Storage by 228.1% during the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock valued at $640,000 after purchasing an additional 1,487 shares in the last quarter. Finally, Summit Trail Advisors LLC increased its stake in Public Storage by 43.3% during the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock valued at $1,083,000 after purchasing an additional 1,093 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PSA shares. Wall Street Zen lowered shares of Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Evercore ISI increased their price objective on shares of Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a research note on Monday, August 4th. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. BNP Paribas Exane began coverage on shares of Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective on the stock. Finally, BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their price objective for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $335.43.

Public Storage Stock Down 0.8%

PSA stock opened at $280.72 on Tuesday. The firm has a market cap of $49.25 billion, a PE ratio of 30.61, a P/E/G ratio of 4.70 and a beta of 0.86. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The firm's fifty day moving average is $288.58 and its 200 day moving average is $294.73. Public Storage has a one year low of $256.60 and a one year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating the consensus estimate of $4.23 by $0.05. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm's revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the business earned $4.23 earnings per share. On average, research analysts forecast that Public Storage will post 16.7 EPS for the current year.

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.

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