Synovus Financial Corp Decreases Stock Holdings in Public Storage (NYSE:PSA)

Synovus Financial Corp lowered its stake in shares of Public Storage (NYSE:PSA) by 33.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,847 shares of the real estate investment trust’s stock after selling 1,929 shares during the quarter. Synovus Financial Corp’s holdings in Public Storage were worth $1,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Public Storage during the fourth quarter valued at approximately $931,286,000. Amundi lifted its holdings in shares of Public Storage by 54.0% during the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock valued at $230,426,000 after purchasing an additional 273,486 shares during the last quarter. Aew Capital Management L P boosted its position in shares of Public Storage by 108.6% in the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after purchasing an additional 228,740 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in Public Storage during the 4th quarter worth $66,253,000. Finally, Russell Investments Group Ltd. increased its position in Public Storage by 25.5% during the 4th quarter. Russell Investments Group Ltd. now owns 999,426 shares of the real estate investment trust’s stock valued at $299,006,000 after buying an additional 202,944 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.0 %

Shares of NYSE:PSA opened at $288.81 on Wednesday. The company has a market capitalization of $50.66 billion, a PE ratio of 29.99, a PEG ratio of 4.91 and a beta of 0.76. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The business has a 50 day moving average of $296.53 and a two-hundred day moving average of $312.97. 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 was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a report on Thursday, April 10th. Mizuho initiated coverage on shares of Public Storage in a research report on Wednesday, April 9th. They set a “neutral” rating and a $287.00 target price on the stock. Barclays reaffirmed an “overweight” rating and issued a $354.00 price target (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Royal Bank of Canada cut their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company lowered their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $332.08.

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.