Thrivent Financial for Lutherans Buys 12,249 Shares of Public Storage (NYSE:PSA)

Thrivent Financial for Lutherans lifted its position in shares of Public Storage (NYSE:PSA - Free Report) by 35.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,608 shares of the real estate investment trust's stock after purchasing an additional 12,249 shares during the period. Thrivent Financial for Lutherans' holdings in Public Storage were worth $16,959,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on PSA. Royal Bank of Canada decreased their price objective on Public Storage from $358.00 to $344.00 and set a "sector perform" rating on the stock in a report on Friday, November 8th. Truist Financial downgraded shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 price target for the company. in a research report on Thursday, August 1st. Bank of America downgraded Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Citigroup raised their price target on Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a research report on Friday, August 30th. Finally, Scotiabank upped their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a "sector perform" rating in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $339.64.

Public Storage Price Performance

Shares of NYSE PSA traded down $0.37 during mid-day trading on Thursday, hitting $332.49. 16,431 shares of the stock traded hands, compared to its average volume of 712,205. Public Storage has a twelve month low of $251.49 and a twelve month high of $369.99. The firm has a 50 day simple moving average of $344.69 and a two-hundred day simple moving average of $315.76. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $58.22 billion, a PE ratio of 34.56, a price-to-earnings-growth ratio of 5.56 and a beta of 0.70.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage's dividend payout ratio (DPR) 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.