Meeder Advisory Services Inc. Acquires 51 Shares of Public Storage (NYSE:PSA)

Meeder Advisory Services Inc. raised its stake in shares of Public Storage (NYSE:PSA) by 1.4% during the third quarter, Holdings Channel reports. The firm owned 3,594 shares of the real estate investment trust’s stock after buying an additional 51 shares during the period. Meeder Advisory Services Inc.’s holdings in Public Storage were worth $1,308,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Canada Pension Plan Investment Board grew its position in Public Storage by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after acquiring an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Public Storage by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Public Storage by 116.7% during the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after purchasing an additional 208,546 shares in the last quarter. Panagora Asset Management Inc. grew its stake in Public Storage by 1,980.9% during the second quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust’s stock worth $41,475,000 after buying an additional 137,256 shares during the last quarter. Finally, APG Asset Management US Inc. increased its holdings in shares of Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after buying an additional 100,000 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on PSA. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. Jefferies Financial Group lifted their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Scotiabank increased their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research note on Monday, August 5th. Finally, Barclays reduced their price objective on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Stock Performance

Shares of PSA stock opened at $337.29 on Tuesday. The stock has a market cap of $59.06 billion, a PE ratio of 35.02, a price-to-earnings-growth ratio of 5.57 and a beta of 0.70. The stock has a 50-day moving average of $345.71 and a 200-day moving average of $315.16. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a one year low of $251.49 and a one year high of $369.99.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.56%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Public Storage Company 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.