Thrivent Financial for Lutherans Increases Holdings in Public Storage (NYSE:PSA)

Thrivent Financial for Lutherans raised its stake in Public Storage (NYSE:PSA) by 35.7% during the third quarter, HoldingsChannel reports. The fund owned 46,608 shares of the real estate investment trust’s stock after buying an additional 12,249 shares during the period. Thrivent Financial for Lutherans’ holdings in Public Storage were worth $16,959,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. OFI Invest Asset Management purchased a new stake in Public Storage during the 2nd quarter valued at about $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage in the second quarter worth approximately $36,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage during the third quarter valued at approximately $38,000. Crewe Advisors LLC bought a new stake in shares of Public Storage during the first quarter valued at approximately $39,000. Finally, EdgeRock Capital LLC purchased a new position in Public Storage in the 2nd quarter worth approximately $39,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on PSA shares. Citigroup lifted their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Jefferies Financial Group boosted their target price on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Barclays dropped their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Evercore ISI decreased their price objective 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. Finally, Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Trading Down 0.5 %

Shares of NYSE:PSA opened at $332.86 on Thursday. The stock has a 50 day moving average of $344.69 and a 200 day moving average of $315.76. The company has a market cap of $58.29 billion, a PE ratio of 34.56, a price-to-earnings-growth ratio of 5.57 and a beta of 0.70. Public Storage has a 12-month low of $251.49 and a 12-month high of $369.99. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.61%. Public Storage’s payout ratio is currently 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.