Corebridge Financial Inc. Has $12.28 Million Stock Holdings in Public Storage $PSA

Key Points

• Corebridge Financial Inc. reduced its stake in Public Storage by 4.1%, now holding 41,031 shares worth $12.28 million as of the latest SEC filing.
• Public Storage reported earnings of $4.28 per share for the last quarter, exceeding analyst estimates, and provided FY 2025 EPS guidance of 16.450-17.00.
• The company announced a quarterly dividend of $3.00 per share, reflecting an annualized yield of 4.2% despite a high dividend payout ratio of 130.86%.

Corebridge Financial Inc. lowered its stake in Public Storage (NYSE:PSA - Free Report) by 4.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 41,031 shares of the real estate investment trust's stock after selling 1,759 shares during the quarter. Corebridge Financial Inc.'s holdings in Public Storage were worth $12,280,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of PSA. Freedom Investment Management Inc. lifted its position in shares of Public Storage by 37.1% in the first quarter. Freedom Investment Management Inc. now owns 1,294 shares of the real estate investment trust's stock worth $387,000 after purchasing an additional 350 shares in the last quarter. Synovus Financial Corp lifted its position in Public Storage by 50.7% during the 1st quarter. Synovus Financial Corp now owns 5,798 shares of the real estate investment trust's stock worth $1,735,000 after buying an additional 1,951 shares in the last quarter. Jump Financial LLC bought a new stake in Public Storage during the 1st quarter worth about $1,124,000. SVB Wealth LLC bought a new stake in Public Storage during the 1st quarter worth about $232,000. Finally, Cbre Investment Management Listed Real Assets LLC raised its holdings in Public Storage by 29.0% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 339,993 shares of the real estate investment trust's stock worth $101,757,000 after acquiring an additional 76,444 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. BNP Paribas Exane started coverage on Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective on the stock. Bank of America raised their price objective on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Barclays reduced their price target on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Finally, Evercore ISI increased their price target on shares of Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a research report on Monday, August 4th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and an average price target of $331.62.

Public Storage Price Performance

Public Storage stock traded up $3.05 during mid-day trading on Monday, reaching $294.72. The company had a trading volume of 519,329 shares, compared to its average volume of 648,565. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. The company has a market cap of $51.71 billion, a P/E ratio of 32.14, a P/E/G ratio of 4.89 and a beta of 0.86. The business has a fifty day simple moving average of $287.68 and a 200 day simple moving average of $294.02.

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

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Public Storage's dividend payout ratio (DPR) is presently 130.86%.

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.