Public Storage (NYSE:PSA) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC reduced its position in Public Storage (NYSE:PSA) by 2.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,847 shares of the real estate investment trust’s stock after selling 1,279 shares during the quarter. MetLife Investment Management LLC’s holdings in Public Storage were worth $17,046,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. OFI Invest Asset Management acquired a new stake in Public Storage during the 2nd quarter worth $32,000. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the third quarter worth about $34,000. Opal Wealth Advisors LLC acquired a new position in Public Storage in the 2nd quarter valued at about $36,000. Ashton Thomas Securities LLC purchased a new stake in Public Storage during the 3rd quarter valued at approximately $38,000. Finally, EdgeRock Capital LLC purchased a new stake in Public Storage during the 2nd quarter valued at approximately $39,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

PSA stock opened at $351.36 on Thursday. The firm has a 50 day moving average of $343.18 and a 200-day moving average of $318.29. The company has a market cap of $61.53 billion, a price-to-earnings ratio of 36.49, a PEG ratio of 5.78 and a beta of 0.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12-month low of $253.98 and a 12-month high of $369.99.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.42%. Public Storage’s dividend payout ratio is presently 124.61%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Barclays lowered their target price on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research report on Thursday, August 1st. Scotiabank upped their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lowered their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Finally, Evercore ISI cut their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

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.