MetLife Investment Management LLC Has $13.91 Million Position in Public Storage $PSA

Key Points

• MetLife Investment Management LLC reduced its holdings in Public Storage by 1.9%, selling 920 shares and now owning 46,491 shares valued at approximately $13.9 million.
• Public Storage's stock is down 1.2%, with shares opening at $290.11, and it has a market cap of $50.90 billion.
• The company reported earnings per share of $4.28 for its last quarter, beating estimates by $0.05, and has projected an EPS of 16.450-17.00 for FY 2025.

MetLife Investment Management LLC lessened its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 1.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,491 shares of the real estate investment trust's stock after selling 920 shares during the period. MetLife Investment Management LLC's holdings in Public Storage were worth $13,914,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Ameriflex Group Inc. acquired a new position in shares of Public Storage during the 4th quarter worth approximately $30,000. Spectrum Wealth Counsel LLC acquired a new position in shares of Public Storage during the 1st quarter worth approximately $30,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage during the 1st quarter worth approximately $36,000. Parvin Asset Management LLC acquired a new position in shares of Public Storage during the 4th quarter worth approximately $38,000. Finally, Wayfinding Financial LLC acquired a new position in shares of Public Storage during the 1st quarter worth approximately $41,000. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

PSA traded up $3.05 during trading on Friday, hitting $294.72. The stock had a trading volume of 519,329 shares, compared to its average volume of 648,565. The company has a 50 day moving average price of $287.69 and a 200-day moving average price of $294.04. The firm has a market cap of $51.71 billion, a price-to-earnings ratio of 32.14, a P/E/G ratio of 4.89 and a beta of 0.86. Public Storage has a one year low of $256.60 and a one year high of $369.99. 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 - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The firm's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, research analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given 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 is Monday, September 15th. Public Storage's dividend payout ratio is presently 130.86%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PSA shares. Bank of America boosted their price target on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Mizuho boosted their price target on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Royal Bank Of Canada lowered their price target on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research report on Friday, August 1st. Wells Fargo & Company decreased their target price on Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. Finally, BNP Paribas Exane assumed coverage on Public Storage in a report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $331.62.

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.