1,320 Shares in Public Storage (NYSE:PSA) Acquired by Meridian Wealth Management LLC

Meridian Wealth Management LLC purchased a new position in shares of Public Storage (NYSE:PSA) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,320 shares of the real estate investment trust’s stock, valued at approximately $395,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Quent Capital LLC raised its stake 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 buying an additional 50 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Public Storage during the third quarter worth approximately $34,000. Ashton Thomas Securities LLC bought a new stake in shares of Public Storage during the third quarter worth approximately $38,000. Synergy Asset Management LLC bought a new stake in shares of Public Storage during the fourth quarter worth approximately $38,000. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Public Storage during the third quarter worth approximately $55,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Up 1.8 %

Public Storage stock opened at $311.58 on Thursday. The stock has a market capitalization of $54.66 billion, a PE ratio of 32.35, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. 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 company has a 50 day moving average of $298.85 and a 200-day moving average of $324.95.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PSA. Barclays dropped their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Scotiabank decreased their price objective on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday. Royal Bank of Canada decreased their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Truist Financial boosted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $340.23.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 11.00% of the company’s stock.

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.