Meridian Investment Counsel Inc. Takes Position in Public Storage (NYSE:PSA)

Meridian Investment Counsel Inc. purchased a new position in shares of Public Storage (NYSE:PSA) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 580 shares of the real estate investment trust’s stock, valued at approximately $211,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board boosted its stake in Public Storage by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after buying an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD raised its position in Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares during the period. AQR Capital Management LLC lifted its stake in Public Storage by 116.7% during the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after purchasing an additional 208,546 shares in the last quarter. Panagora Asset Management Inc. lifted its stake in Public Storage by 1,980.9% during the second quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust’s stock worth $41,475,000 after purchasing an additional 137,256 shares in the last quarter. Finally, APG Asset Management US Inc. boosted its position in shares of Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after buying an additional 100,000 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on PSA. Citigroup increased their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Evercore ISI dropped 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 report on Monday, October 14th. Wells Fargo & Company reduced their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Finally, Barclays dropped their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $339.64.

Public Storage Price Performance

PSA stock opened at $335.01 on Friday. The stock has a market cap of $58.66 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 5.57 and a beta of 0.70. Public Storage has a fifty-two week low of $251.49 and a fifty-two 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 business has a 50 day moving average price of $345.99 and a 200 day moving average price of $314.26.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is 124.61%.

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.