Meridian Wealth Management LLC Makes New Investment in Public Storage (NYSE:PSA)

Meridian Wealth Management LLC purchased a new stake in Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,320 shares of the real estate investment trust's stock, valued at approximately $395,000.

Other large investors also recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Public Storage by 5.0% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock valued at $16,089,000 after acquiring an additional 2,566 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Public Storage by 3,714.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock valued at $666,000 after acquiring an additional 1,783 shares during the last quarter. Capital Investment Advisors LLC lifted its stake in shares of Public Storage by 25.4% in the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock valued at $8,566,000 after acquiring an additional 5,793 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Public Storage by 114.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock valued at $33,302,000 after acquiring an additional 48,803 shares during the last quarter. Finally, Swedbank AB lifted its stake in shares of Public Storage by 31.9% in the 3rd quarter. Swedbank AB now owns 154,167 shares of the real estate investment trust's stock valued at $56,097,000 after acquiring an additional 37,285 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

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Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, the insider now owns 2,364 shares of the company's stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.00% of the stock is owned by insiders.

Public Storage Stock Up 1.8 %

Shares of PSA traded up $5.56 during trading hours on Friday, hitting $313.99. The stock had a trading volume of 895,178 shares, compared to its average volume of 707,990. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a 50 day simple moving average of $299.31 and a 200-day simple moving average of $324.77. The firm has a market capitalization of $55.08 billion, a P/E ratio of 32.61, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 3.82%. Public Storage's payout ratio is 112.89%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PSA shares. Wells Fargo & Company decreased their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Scotiabank decreased their price objective on Public Storage from $338.00 to $333.00 and set a "sector perform" rating for the company in a report on Wednesday. Barclays decreased their price objective on Public Storage from $380.00 to $361.00 and set an "overweight" rating for the company in a report on Monday, January 13th. Royal Bank of Canada decreased their price objective on Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a report on Wednesday, February 26th. Finally, Truist Financial increased their price objective on Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a report on Thursday, December 5th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Public Storage currently has a consensus rating of "Moderate Buy" and an average target price of $340.23.

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.