Man Group plc Sells 35,473 Shares of Public Storage (NYSE:PSA)

Man Group plc reduced its stake in Public Storage (NYSE:PSA) by 54.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 29,217 shares of the real estate investment trust’s stock after selling 35,473 shares during the quarter. Man Group plc’s holdings in Public Storage were worth $8,749,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Quent Capital LLC lifted its stake in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Public Storage during the fourth quarter worth about $32,000. Synergy Asset Management LLC bought a new position in Public Storage in the 4th quarter worth approximately $38,000. Millstone Evans Group LLC bought a new position in Public Storage in the 4th quarter worth approximately $38,000. Finally, Parvin Asset Management LLC purchased a new stake in Public Storage during the 4th quarter valued at approximately $38,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a report on Thursday, April 10th. Barclays reduced their target price on Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a report on Friday. Mizuho assumed coverage on Public Storage in a research note on Wednesday, April 9th. They set a “neutral” rating and a $287.00 price target for the company. Wells Fargo & Company reduced their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Finally, Bank of America increased their target price on Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $337.42.

Public Storage Trading Up 1.3%

PSA stock opened at $309.07 on Monday. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The stock has a market capitalization of $54.22 billion, a price-to-earnings ratio of 32.09, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. 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’s fifty day simple moving average is $293.46 and its two-hundred day simple moving average is $305.41.

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

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a $3.00 dividend. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.88%. Public Storage’s payout ratio is 119.17%.

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.