Meritage Portfolio Management Takes Position in Public Storage (NYSE:PSA)

Meritage Portfolio Management bought a new stake in shares of Public Storage (NYSE:PSA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 22,638 shares of the real estate investment trust's stock, valued at approximately $6,775,000.

Other large investors have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. acquired a new stake in shares of Public Storage during the 4th quarter valued at $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage in the 4th quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage during the first quarter worth $36,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage during the fourth quarter valued at $38,000. Finally, Parvin Asset Management LLC purchased a new stake in shares of Public Storage during the fourth quarter valued at $38,000. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on PSA shares. Scotiabank boosted their price objective on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. Barclays dropped their target price on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Bank of America raised their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Royal Bank Of Canada reduced their target price on Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. Finally, BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $340.00 to $325.00 in a report on Friday, June 20th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $337.64.

Public Storage Stock Down 0.3%

Shares of NYSE PSA traded down $0.84 during trading hours on Thursday, hitting $296.27. The stock had a trading volume of 742,606 shares, compared to its average volume of 751,059. The firm's 50-day moving average price is $298.75 and its two-hundred day moving average price is $297.38. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a market capitalization of $51.97 billion, a P/E ratio of 29.42, a P/E/G ratio of 4.30 and a beta of 0.86. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company's revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.03 earnings per share. Analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date was Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.05%. Public Storage's dividend payout ratio (DPR) is currently 119.17%.

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.