Meeder Asset Management Inc. Buys 1,170 Shares of Public Storage (NYSE:PSA)

Meeder Asset Management Inc. raised its stake in shares of Public Storage (NYSE:PSA - Free Report) by 1,360.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,256 shares of the real estate investment trust's stock after purchasing an additional 1,170 shares during the quarter. Meeder Asset Management Inc.'s holdings in Public Storage were worth $376,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PSA. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Public Storage by 5.0% during the fourth 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 buying an additional 2,566 shares during the period. Capital Investment Advisors LLC grew its holdings in shares of Public Storage by 25.4% during the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock worth $8,566,000 after acquiring an additional 5,793 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Public Storage by 30.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after acquiring an additional 31,662 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in shares of Public Storage in the 4th quarter valued at approximately $395,000. Finally, Aew Capital Management L P lifted its stake in shares of Public Storage by 108.6% in the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock valued at $131,574,000 after purchasing an additional 228,740 shares during the period. 78.79% of the stock is currently owned by institutional investors.

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Public Storage Stock Down 3.6 %

NYSE PSA traded down $10.74 during mid-day trading on Friday, reaching $284.00. The stock had a trading volume of 1,407,016 shares, compared to its average volume of 718,754. The stock has a market cap of $49.82 billion, a PE ratio of 29.49, 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. 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 company has a fifty day moving average price of $300.05 and a 200 day moving average price of $317.76.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.23%. The ex-dividend date was Thursday, March 13th. Public Storage's dividend payout ratio is currently 112.89%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Barclays reaffirmed an "overweight" rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Truist Financial dropped their price objective on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating on the stock in a research note on Tuesday, March 18th. Royal Bank of Canada decreased their target price on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and boosted their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and a consensus target price of $338.73.

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.