Synovus Financial Corp Acquires 1,708 Shares of Public Storage (NYSE:PSA)

Synovus Financial Corp grew its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 42.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,776 shares of the real estate investment trust's stock after purchasing an additional 1,708 shares during the period. Synovus Financial Corp's holdings in Public Storage were worth $2,101,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PSA. Allspring Global Investments Holdings LLC lifted its position in Public Storage by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust's stock worth $51,762,000 after purchasing an additional 2,605 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Public Storage by 114.2% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock worth $33,302,000 after acquiring an additional 48,803 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Public Storage by 3,714.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock worth $666,000 after acquiring an additional 1,783 shares during the period. Handelsbanken Fonder AB boosted its position in shares of Public Storage by 4.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust's stock worth $26,468,000 after acquiring an additional 2,832 shares in the last quarter. Finally, Equitable Trust Co. increased its stake in Public Storage by 3.1% in the third quarter. Equitable Trust Co. now owns 77,959 shares of the real estate investment trust's stock valued at $28,367,000 after acquiring an additional 2,344 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 11.00% of the company's stock.

Public Storage Stock Down 0.8 %

Shares of Public Storage stock traded down $2.46 during trading hours on Monday, reaching $315.16. The company's stock had a trading volume of 753,882 shares, compared to its average volume of 712,905. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock's fifty day simple moving average is $337.34 and its two-hundred day simple moving average is $323.21. The company has a market capitalization of $55.19 billion, a P/E ratio of 32.98, a P/E/G ratio of 5.29 and a beta of 0.71. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Announces Dividend

The business also recently disclosed 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. This represents a $12.00 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage's dividend payout ratio is currently 124.61%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PSA shares. Morgan Stanley raised their target price on Public Storage from $293.00 to $315.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. Citigroup boosted their target price on Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. Wolfe Research upgraded shares of Public Storage to a "strong-buy" rating in a research note on Wednesday, September 4th. Royal Bank of Canada lowered their target price on Public Storage from $358.00 to $344.00 and set a "sector perform" rating for the company in a report on Friday, November 8th. Finally, Truist Financial raised their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $342.07.

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.