Public Storage (NYSE:PSA) Stake Lowered by Meeder Asset Management Inc.

Meeder Asset Management Inc. trimmed its holdings in Public Storage (NYSE:PSA) by 4.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,198 shares of the real estate investment trust’s stock after selling 62 shares during the quarter. Meeder Asset Management Inc.’s holdings in Public Storage were worth $365,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. AMI Investment Management Inc. bought a new position in Public Storage during the 1st quarter valued at $267,000. Blair William & Co. IL boosted its stake in Public Storage by 7.3% during 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 in the last quarter. Prudential PLC bought a new position in Public Storage during the 1st quarter valued at $1,374,000. Sequoia Financial Advisors LLC bought a new position in Public Storage during the 1st quarter valued at $398,000. Finally, Candriam Luxembourg S.C.A. boosted its stake in Public Storage by 19.0% during 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 purchasing an additional 2,156 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PSA has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price for the company. The Goldman Sachs Group increased their target price on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Barclays initiated coverage on Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 target price for the company. BMO Capital Markets increased their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Finally, Truist Financial increased their target price on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, December 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Stock Up 1.8 %

Shares of PSA opened at $287.73 on Tuesday. Public Storage has a 12 month low of $233.18 and a 12 month high of $316.48. The company has a 50-day moving average price of $282.98 and a two-hundred day moving average price of $276.14. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The stock has a market cap of $50.55 billion, a price-to-earnings ratio of 26.02, a P/E/G ratio of 3.71 and a beta of 0.54.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the firm posted $4.16 EPS. Public Storage’s revenue was up 6.6% on a year-over-year basis. Equities analysts predict that Public Storage will post 16.93 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is presently 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.