Synovus Financial Corp Sells 1,929 Shares of Public Storage (NYSE:PSA)

Synovus Financial Corp lessened its stake in shares of Public Storage (NYSE:PSA - Free Report) by 33.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of PSA. Quent Capital LLC lifted its position in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 50 shares in the last quarter. Synergy Asset Management LLC acquired a new position in Public Storage in the fourth quarter worth approximately $38,000. Millstone Evans Group LLC acquired a new stake in shares of Public Storage in the 4th quarter valued at $38,000. Toth Financial Advisory Corp boosted its stake in shares of Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust's stock worth $61,000 after acquiring an additional 66 shares in the last quarter. Finally, McIlrath & Eck LLC raised its stake in shares of Public Storage by 24.6% in the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust's stock valued at $79,000 after acquiring an additional 43 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Up 2.3 %

Shares of Public Storage stock traded up $6.72 on Friday, hitting $295.75. The stock had a trading volume of 741,372 shares, compared to its average volume of 735,938. The firm has a market capitalization of $51.88 billion, a P/E ratio of 30.71, a PEG ratio of 4.91 and a beta of 0.76. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The stock has a 50 day moving average of $295.93 and a 200 day moving average of $311.89.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.06%. Public Storage's payout ratio is 112.89%.

Analyst Ratings Changes

PSA has been the topic of several analyst reports. Mizuho initiated coverage on Public Storage in a report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price target on the stock. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a research report on Thursday, April 10th. Royal Bank of Canada dropped their price objective on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. Scotiabank raised Public Storage from a "sector perform" rating to a "sector outperform" rating and decreased their price target for the company from $333.00 to $305.00 in a research note on Wednesday, April 9th. Finally, Wells Fargo & Company dropped their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a 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 issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $332.08.

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.