MetLife Investment Management LLC trimmed its holdings in shares of Public Storage (NYSE:PSA – Free Report) by 3.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 43,923 shares of the real estate investment trust’s stock after selling 1,790 shares during the quarter. MetLife Investment Management LLC’s holdings in Public Storage were worth $12,820,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of PSA. Pinnacle Bancorp Inc. raised its position in shares of Public Storage by 200.0% in the second quarter. Pinnacle Bancorp Inc. now owns 90 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 60 shares in the last quarter. Sunbelt Securities Inc. bought a new position in Public Storage during the 1st quarter worth $26,000. Focused Wealth Management Inc acquired a new position in Public Storage in the 2nd quarter valued at $29,000. ICA Group Wealth Management LLC bought a new stake in shares of Public Storage during the 4th quarter valued at $29,000. Finally, DT Investment Partners LLC acquired a new stake in shares of Public Storage during the 1st quarter worth $32,000. Institutional investors and hedge funds own 78.75% of the company’s stock.
Analyst Ratings Changes
A number of research firms recently commented on PSA. Stifel Nicolaus dropped their price target on Public Storage from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, September 13th. Morgan Stanley assumed coverage on shares of Public Storage in a report on Thursday, September 21st. They set an “equal weight” rating and a $250.00 price target for the company. Wells Fargo & Company began coverage on shares of Public Storage in a research note on Tuesday, October 24th. They issued an “overweight” rating and a $270.00 price objective on the stock. Truist Financial restated a “buy” rating and set a $305.00 target price on shares of Public Storage in a research note on Tuesday, October 31st. Finally, StockNews.com assumed coverage on Public Storage in a research note on Saturday, October 21st. They issued a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $299.83.
Public Storage Trading Up 0.1 %
Shares of PSA stock opened at $258.08 on Tuesday. Public Storage has a twelve month low of $233.18 and a twelve month high of $316.48. The stock’s fifty day simple moving average is $258.94 and its 200 day simple moving average is $276.33. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $45.38 billion, a P/E ratio of 23.66, a P/E/G ratio of 3.14 and a beta of 0.50.
Public Storage (NYSE:PSA – Get Free Report) last released its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $3.20 earnings per share for the quarter, missing the consensus estimate of $4.21 by ($1.01). The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a return on equity of 34.76% and a net margin of 45.46%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $4.13 earnings per share. As a group, sell-side analysts predict that Public Storage will post 16.76 EPS for the current fiscal year.
Public Storage Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.65%. The ex-dividend date is Tuesday, December 12th. Public Storage’s payout ratio is currently 109.99%.
Insider Transactions at Public Storage
In related news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $245.37, for a total value of $98,148.00. Following the sale, the insider now directly owns 13,286 shares in the company, valued at $3,259,985.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.00% of the stock is owned by company insiders.
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 September 30, 2023, we had: (i) interests in 3,028 self-storage facilities located in 40 states with approximately 217 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 267 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.
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