Meeder Advisory Services Inc. Acquires 45 Shares of Public Storage (NYSE:PSA)

Meeder Advisory Services Inc. increased its position in Public Storage (NYSE:PSA) by 2.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,627 shares of the real estate investment trust’s stock after purchasing an additional 45 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Public Storage were worth $496,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of PSA. AMI Investment Management Inc. bought a new stake in shares of Public Storage in the 1st quarter valued at about $267,000. Blair William & Co. IL raised its holdings in shares of Public Storage by 7.3% in the 1st quarter. Blair William & Co. IL now owns 2,668 shares of the real estate investment trust’s stock valued at $1,041,000 after purchasing an additional 182 shares during the period. Prudential PLC bought a new stake in shares of Public Storage in the 1st quarter valued at about $1,374,000. Sequoia Financial Advisors LLC bought a new stake in shares of Public Storage in the 1st quarter valued at about $398,000. Finally, Candriam Luxembourg S.C.A. grew its stake in Public Storage by 19.0% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 13,506 shares of the real estate investment trust’s stock valued at $5,271,000 after buying an additional 2,156 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PSA shares. Barclays started coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target on the stock. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $280.00 to $310.00 in a research note on Friday. The Goldman Sachs Group upped their price target on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. Finally, Scotiabank increased their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Price Performance

Shares of NYSE:PSA opened at $287.73 on Tuesday. The company has a market cap of $50.55 billion, a price-to-earnings ratio of 26.02, a PEG ratio of 3.71 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The firm has a 50 day simple moving average of $282.98 and a 200 day simple moving average of $276.14. Public Storage has a one year low of $233.18 and a one year high of $316.48.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company earned $4.16 EPS. Research analysts predict that Public Storage will post 16.93 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.17%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is currently 108.50%.

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.