Meridian Wealth Management LLC Has $1.20 Million Stock Holdings in Public Storage $PSA

Meridian Wealth Management LLC increased its position in Public Storage (NYSE:PSA) by 10.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,091 shares of the real estate investment trust’s stock after buying an additional 379 shares during the quarter. Meridian Wealth Management LLC’s holdings in Public Storage were worth $1,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the business. Kingsview Wealth Management LLC increased its position in Public Storage by 15.1% in the 1st quarter. Kingsview Wealth Management LLC now owns 1,255 shares of the real estate investment trust’s stock valued at $376,000 after acquiring an additional 165 shares during the period. Private Advisor Group LLC grew its stake in shares of Public Storage by 20.1% in the first quarter. Private Advisor Group LLC now owns 5,215 shares of the real estate investment trust’s stock worth $1,561,000 after purchasing an additional 873 shares during the last quarter. Kestra Private Wealth Services LLC grew its stake in shares of Public Storage by 5.5% in the first quarter. Kestra Private Wealth Services LLC now owns 2,647 shares of the real estate investment trust’s stock worth $792,000 after purchasing an additional 137 shares during the last quarter. IFP Advisors Inc increased its holdings in Public Storage by 15.3% in the first quarter. IFP Advisors Inc now owns 3,095 shares of the real estate investment trust’s stock valued at $926,000 after purchasing an additional 411 shares during the period. Finally, Twin Capital Management Inc. raised its position in Public Storage by 12.7% during the 1st quarter. Twin Capital Management Inc. now owns 4,992 shares of the real estate investment trust’s stock worth $1,494,000 after purchasing an additional 561 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.0%

Shares of PSA stock opened at $274.22 on Monday. The company has a market cap of $48.12 billion, a P/E ratio of 28.48, a PEG ratio of 4.72 and a beta of 0.91. The stock has a 50 day simple moving average of $289.39 and a two-hundred day simple moving average of $291.81. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $355.87.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.Public Storage’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.20 EPS. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. Research analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Monday, December 15th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analyst Weigh In

Several research analysts have commented on PSA shares. JPMorgan Chase & Co. cut their target price on Public Storage from $324.00 to $321.00 and set an “overweight” rating on the stock in a report on Friday, September 12th. Barclays cut their price objective on Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a research note on Friday, August 8th. Wall Street Zen upgraded Public Storage from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings restated a “hold (c)” rating on shares of Public Storage in a report on Wednesday, October 8th. Finally, Wells Fargo & Company upped their price objective on shares of Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and an average target price of $325.38.

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.