Merit Financial Group LLC Sells 4,230 Shares of Public Storage $PSA

Key Points

• Merit Financial Group LLC trimmed its stake in Public Storage by 41.1%, selling 4,230 shares in Q4 and leaving 6,069 shares valued at $1.575 million.
• Public Storage declared and paid a quarterly dividend of $3.00 (annualized $12.00), implying a yield of 3.9% and a payout ratio of 133.04%.
• Shares trade around $303.86 (down 1.5%), the company has a market cap of $53.33 billion and a consensus analyst rating of Moderate Buy with a $308.50 target.

Merit Financial Group LLC trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 41.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,069 shares of the real estate investment trust's stock after selling 4,230 shares during the quarter. Merit Financial Group LLC's holdings in Public Storage were worth $1,575,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Pacific Financial acquired a new stake in shares of Public Storage during the third quarter worth $26,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Public Storage during the third quarter worth $27,000. Raiffeisen Bank International AG acquired a new stake in shares of Public Storage during the third quarter worth $30,000. Tradewinds Capital Management LLC acquired a new stake in shares of Public Storage during the third quarter worth $33,000. Finally, Wealth Watch Advisors INC acquired a new stake in shares of Public Storage during the third quarter worth $34,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 1.5%

Shares of PSA stock opened at $303.86 on Thursday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 2.05. Public Storage has a 1 year low of $256.54 and a 1 year high of $313.51. The firm's fifty day moving average price is $293.14 and its two-hundred day moving average price is $284.15. The firm has a market capitalization of $53.33 billion, a P/E ratio of 33.69, a PEG ratio of 4.09 and a beta of 1.02.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.9%. The ex-dividend date was Monday, March 16th. Public Storage's payout ratio is presently 133.04%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PSA shares. Truist Financial raised their price objective on shares of Public Storage from $315.00 to $317.00 and gave the stock a "buy" rating in a report on Tuesday, January 20th. Deutsche Bank Aktiengesellschaft lowered shares of Public Storage from a "buy" rating to a "hold" rating and set a $285.00 price objective on the stock. in a report on Tuesday, January 20th. UBS Group dropped their price objective on shares of Public Storage from $293.00 to $276.00 and set a "neutral" rating on the stock in a report on Thursday, January 8th. William Blair set a $305.00 price objective on shares of Public Storage in a report on Monday, March 16th. Finally, Barclays raised their price objective on shares of Public Storage from $347.00 to $352.00 and gave the stock an "overweight" rating in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus target price of $308.50.

Public Storage Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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