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

Thrivent Financial for Lutherans grew its stake in Public Storage (NYSE:PSA) by 35.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new position in Public Storage in the third quarter worth $38,000. OFI Invest Asset Management purchased a new position in shares of Public Storage in the 2nd quarter worth about $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the 2nd quarter valued at about $36,000. Crewe Advisors LLC purchased a new position in shares of Public Storage during the 1st quarter valued at about $39,000. Finally, EdgeRock Capital LLC bought a new stake in Public Storage in the 2nd quarter worth approximately $39,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 0.5 %

Shares of Public Storage stock opened at $332.86 on Thursday. 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 $251.49 and a 12-month high of $369.99. The company has a market cap of $58.29 billion, a P/E ratio of 34.56, a PEG ratio of 5.57 and a beta of 0.70. The company’s fifty day simple moving average is $344.69 and its two-hundred day simple moving average is $315.76.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.61%. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Scotiabank increased their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Royal Bank of Canada lowered their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Wells Fargo & Company cut their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Finally, Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price 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.