Lathrop Investment Management Corp Buys Shares of 667 Public Storage (NYSE:PSA)

Lathrop Investment Management Corp purchased a new stake in shares of Public Storage (NYSE:PSA) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 667 shares of the real estate investment trust’s stock, valued at approximately $243,000.

Other large investors have also recently added to or reduced their stakes in the company. Lake Street Advisors Group LLC purchased a new position in shares of Public Storage during the 1st quarter worth $248,000. Pitcairn Co. grew its holdings in shares of Public Storage by 15.9% in the first quarter. Pitcairn Co. now owns 868 shares of the real estate investment trust’s stock valued at $252,000 after purchasing an additional 119 shares in the last quarter. MQS Management LLC purchased a new stake in Public Storage during the 1st quarter worth approximately $238,000. CreativeOne Wealth LLC lifted its holdings in Public Storage by 15.8% during the 1st quarter. CreativeOne Wealth LLC now owns 895 shares of the real estate investment trust’s stock worth $260,000 after buying an additional 122 shares in the last quarter. Finally, EP Wealth Advisors LLC grew its stake in shares of Public Storage by 18.1% in the first quarter. EP Wealth Advisors LLC now owns 2,281 shares of the real estate investment trust’s stock worth $662,000 after acquiring an additional 350 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of Public Storage stock opened at $337.24 on Friday. The stock has a market capitalization of $59.05 billion, a price-to-earnings ratio of 35.02, a PEG ratio of 5.56 and a beta of 0.70. The firm’s fifty day simple moving average is $344.25 and its 200-day simple moving average is $315.91. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 12 month low of $251.49 and a 12 month high of $369.99.

Public Storage Announces Dividend

The business also recently declared 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. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio is currently 124.61%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PSA shares. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Barclays reduced their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Citigroup boosted their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Jefferies Financial Group raised 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. Finally, Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $339.64.

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.