Merit Financial Group LLC Grows Stock Position in Public Storage (NYSE:PSA)

Merit Financial Group LLC raised its stake in shares of Public Storage (NYSE:PSA - Free Report) by 104.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,367 shares of the real estate investment trust's stock after buying an additional 4,272 shares during the period. Merit Financial Group LLC's holdings in Public Storage were worth $2,505,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSA. Prospera Private Wealth LLC purchased a new stake in Public Storage during the third quarter valued at $34,000. Ashton Thomas Securities LLC bought a new stake in shares of Public Storage during the 3rd quarter valued at about $38,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Public Storage during the 3rd quarter valued at about $50,000. Harbor Capital Advisors Inc. purchased a new position in shares of Public Storage in the third quarter worth approximately $55,000. Finally, Deseret Mutual Benefit Administrators grew its position in Public Storage by 39.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 206 shares of the real estate investment trust's stock valued at $75,000 after buying an additional 58 shares during the period. 78.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PSA has been the topic of several recent research reports. Evercore ISI decreased their price target on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and lifted their target price for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company reduced their price target on Public Storage from $375.00 to $365.00 and set an "overweight" rating for the company in a research report on Tuesday, November 5th. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada reduced their target price on shares of Public Storage from $358.00 to $344.00 and set a "sector perform" rating for the company in a report on Friday, November 8th. Seven 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 company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $344.54.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the business'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 sale, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 11.10% of the company's stock.

Public Storage Price Performance

Shares of PSA stock traded down $1.45 during trading hours on Monday, hitting $296.25. The stock had a trading volume of 587,329 shares, compared to its average volume of 651,906. 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 stock has a market capitalization of $51.88 billion, a price-to-earnings ratio of 30.76, a PEG ratio of 4.65 and a beta of 0.74. Public Storage has a one year low of $256.31 and a one year high of $369.99. The stock's 50-day moving average price is $316.96 and its two-hundred day moving average price is $325.90.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date was Friday, December 13th. Public Storage's payout ratio is 124.61%.

Public Storage 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.