Meridian Wealth Management LLC Boosts Position in Public Storage (NYSE:PSA)

Key Points

• Meridian Wealth Management LLC significantly increased its position in Public Storage by 181.2%, owning 3,712 shares valued at $1.11 million at the end of the first quarter.
• Across the first quarter, multiple institutional investors, including Private Trust Co. NA and Wealth Enhancement Advisory Services LLC, also expanded their stakes in the company.
• Public Storage reported $4.28 earnings per share for the latest quarter, surpassing analysts' estimates and indicating a 2.4% increase in revenue year-over-year.

Meridian Wealth Management LLC grew its stake in shares of Public Storage (NYSE:PSA - Free Report) by 181.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,712 shares of the real estate investment trust's stock after acquiring an additional 2,392 shares during the quarter. Meridian Wealth Management LLC's holdings in Public Storage were worth $1,111,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PSA. Rockefeller Capital Management L.P. grew its holdings in shares of Public Storage by 4.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 19,390 shares of the real estate investment trust's stock worth $5,806,000 after acquiring an additional 795 shares during the period. Townsquare Capital LLC increased its holdings in Public Storage by 13.9% during the fourth quarter. Townsquare Capital LLC now owns 4,535 shares of the real estate investment trust's stock valued at $1,358,000 after buying an additional 554 shares during the last quarter. Sagespring Wealth Partners LLC purchased a new position in shares of Public Storage during the 4th quarter worth $271,000. Advisors Capital Management LLC increased its stake in shares of Public Storage by 3.8% in the 4th quarter. Advisors Capital Management LLC now owns 2,149 shares of the real estate investment trust's stock worth $643,000 after purchasing an additional 78 shares in the last quarter. Finally, Savvy Advisors Inc. purchased a new position in shares of Public Storage during the 4th quarter valued at about $418,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Trading Down 0.7%

NYSE PSA traded down $2.11 on Thursday, hitting $281.07. 558,745 shares of the stock were exchanged, compared to its average volume of 902,136. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The firm has a market capitalization of $49.31 billion, a P/E ratio of 30.65, a P/E/G ratio of 4.70 and a beta of 0.86. The stock has a fifty day moving average price of $289.42 and a two-hundred day moving average price of $294.97.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping analysts' consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same period in the previous year, the company earned $4.23 EPS. The firm's revenue for the quarter was up 2.4% compared to the same quarter last year. Research analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PSA. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. BNP Paribas Exane initiated coverage on shares of Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 target price for the company. Royal Bank Of Canada decreased their price target on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a report on Friday, August 1st. Wall Street Zen downgraded Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, Wells Fargo & Company cut their target price on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $331.93.

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.