Meritage Portfolio Management Sells 112 Shares of Public Storage $PSA

Meritage Portfolio Management reduced its stake in Public Storage (NYSE:PSA) by 0.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,526 shares of the real estate investment trust’s stock after selling 112 shares during the period. Meritage Portfolio Management’s holdings in Public Storage were worth $6,610,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Marshall & Sullivan Inc. WA bought a new stake in Public Storage in the second quarter valued at $25,000. Spectrum Wealth Counsel LLC bought a new stake in Public Storage in the first quarter valued at $30,000. Opal Wealth Advisors LLC bought a new stake in Public Storage in the first quarter valued at $36,000. Wayfinding Financial LLC bought a new stake in Public Storage in the first quarter valued at $41,000. Finally, Winch Advisory Services LLC increased its stake in Public Storage by 39.8% in the first quarter. Winch Advisory Services LLC now owns 151 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 43 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Up 0.1%

Public Storage stock opened at $294.19 on Friday. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $355.87. The stock has a market cap of $51.62 billion, a PE ratio of 32.08, a price-to-earnings-growth ratio of 4.88 and a beta of 0.89. The firm’s 50-day simple moving average is $287.61 and its 200 day simple moving average is $291.49. 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 (NYSE:PSA) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.20 billion. During the same period in the previous year, the company earned $4.23 earnings per share. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Research analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Monday, September 15th. Public Storage’s payout ratio is presently 130.86%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Evercore ISI lifted their price target on shares of Public Storage from $312.00 to $317.00 and gave the company a “cautious” rating in a research note on Friday, October 3rd. Barclays decreased their target price on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. Wells Fargo & Company decreased their target price on shares of Public Storage from $330.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. decreased their target price on shares of Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a research report on Friday, September 12th. Finally, Wall Street Zen downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $322.92.

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.