580 Shares in Public Storage (NYSE:PSA) Acquired by Meridian Investment Counsel Inc.

Meridian Investment Counsel Inc. acquired a new stake in Public Storage (NYSE:PSA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 580 shares of the real estate investment trust’s stock, valued at approximately $211,000.

Several other large investors have also modified their holdings of the company. OFI Invest Asset Management purchased a new stake in Public Storage in the 2nd quarter valued at $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage during the second quarter worth about $36,000. Ashton Thomas Securities LLC purchased a new position in shares of Public Storage during the third quarter worth about $38,000. Crewe Advisors LLC acquired a new position in Public Storage in the 1st quarter valued at about $39,000. Finally, EdgeRock Capital LLC purchased a new stake in Public Storage during the 2nd quarter valued at approximately $39,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Up 1.0 %

NYSE:PSA opened at $335.01 on Friday. Public Storage has a 52-week low of $251.49 and a 52-week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a fifty day simple moving average of $345.99 and a 200-day simple moving average of $314.26. The company has a market capitalization of $58.66 billion, a PE ratio of 34.79, a price-to-earnings-growth ratio of 5.57 and a beta of 0.70.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date is Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Citigroup lifted their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Morgan Stanley boosted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company cut their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. Finally, Evercore ISI reduced their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

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.