Public Storage (NYSE:PSA) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its stake in shares of Public Storage (NYSE:PSA - Free Report) by 38.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,676 shares of the real estate investment trust's stock after selling 17,932 shares during the period. Thrivent Financial for Lutherans' holdings in Public Storage were worth $8,639,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quent Capital LLC raised its holdings in Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 50 shares during the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Public Storage in the third quarter valued at $34,000. Synergy Asset Management LLC acquired a new position in shares of Public Storage during the 4th quarter worth $38,000. Toth Financial Advisory Corp boosted its position in shares of Public Storage by 48.2% in the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust's stock worth $61,000 after buying an additional 66 shares in the last quarter. Finally, Parkworth Wealth Management Inc. acquired a new stake in Public Storage in the 4th quarter valued at about $67,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of research reports. Wells Fargo & Company reduced their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and upped their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Truist Financial dropped their price target on Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a research report on Tuesday, March 18th. Barclays restated an "overweight" rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Royal Bank of Canada dropped their price objective on Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research report on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $338.00.

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Public Storage Trading Up 0.8 %

Public Storage stock traded up $2.26 during trading on Wednesday, reaching $291.41. The company had a trading volume of 441,890 shares, compared to its average volume of 679,167. The firm has a market capitalization of $51.12 billion, a price-to-earnings ratio of 30.26, a PEG ratio of 4.91 and a beta of 0.73. The stock's 50 day moving average price is $300.04 and its two-hundred day moving average price is $321.10. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.12%. The ex-dividend date is Thursday, March 13th. Public Storage's payout ratio is 112.89%.

About Public Storage

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.