Meritage Portfolio Management Reduces Stock Position in Public Storage $PSA

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

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Public Storage by 12.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust’s stock valued at $13,240,000 after buying an additional 4,746 shares in the last quarter. Brighton Jones LLC lifted its stake in shares of Public Storage by 9.7% during the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust’s stock valued at $517,000 after buying an additional 152 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in shares of Public Storage by 1.2% during the 1st quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust’s stock valued at $92,960,000 after buying an additional 3,627 shares in the last quarter. Private Trust Co. NA lifted its stake in shares of Public Storage by 228.1% during the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust’s stock valued at $640,000 after buying an additional 1,487 shares in the last quarter. Finally, Summit Trail Advisors LLC lifted its stake in shares of Public Storage by 43.3% during the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust’s stock valued at $1,083,000 after buying an additional 1,093 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PSA. Weiss Ratings restated a “hold (c)” rating on shares of Public Storage in a research note on Wednesday. BNP Paribas raised shares of Public Storage to a “strong-buy” rating in a report on Tuesday, June 24th. Scotiabank decreased their target price on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 28th. UBS Group decreased their target price on shares of Public Storage from $305.00 to $295.00 and set a “neutral” rating on the stock in a report on Tuesday, September 16th. Finally, Evercore ISI upped their target price on shares of Public Storage from $312.00 to $317.00 and gave the stock a “cautious” rating in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $322.92.

Public Storage Price Performance

Shares of NYSE:PSA opened at $294.19 on Friday. The company’s fifty day moving average price is $287.61 and its 200-day moving average price is $291.49. The firm has a market capitalization of $51.62 billion, a price-to-earnings ratio of 32.08, a PEG ratio of 4.88 and a beta of 0.89. Public Storage has a one year low of $256.60 and a one year high of $355.87. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, equities research analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

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

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.