Public Storage $PSA Position Increased by Synovus Financial Corp

Key Points

• Synovus Financial Corp increased its holdings in Public Storage by 50.7%, owning 5,798 shares worth approximately $1.735 million as of the latest SEC filing.
• Public Storage announced a quarterly dividend of $3.00 per share, equating to an annualized dividend of $12.00 and a yield of 4.2%, despite a dividend payout ratio of 130.86%.
• Analysts have mixed views on Public Storage; while some downgraded their ratings, others set targets as high as $380.00, with a consensus rating of "Moderate Buy" from various research firms.

Synovus Financial Corp grew its position in Public Storage (NYSE:PSA - Free Report) by 50.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,798 shares of the real estate investment trust's stock after acquiring an additional 1,951 shares during the quarter. Synovus Financial Corp's holdings in Public Storage were worth $1,735,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in PSA. Pinebridge Investments L.P. bought a new stake in shares of Public Storage in the 4th quarter worth approximately $333,000. Integrated Wealth Concepts LLC lifted its holdings in shares of Public Storage by 4.5% in the 4th quarter. Integrated Wealth Concepts LLC now owns 4,361 shares of the real estate investment trust's stock worth $1,306,000 after purchasing an additional 186 shares during the last quarter. Nebula Research & Development LLC lifted its holdings in shares of Public Storage by 29.9% in the 4th quarter. Nebula Research & Development LLC now owns 1,359 shares of the real estate investment trust's stock worth $407,000 after purchasing an additional 313 shares during the last quarter. Coldstream Capital Management Inc. lifted its holdings in shares of Public Storage by 3.0% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,052 shares of the real estate investment trust's stock worth $615,000 after purchasing an additional 59 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after purchasing an additional 749,913 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PSA. BNP Paribas raised Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Mizuho increased their price objective on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Wall Street Zen lowered Public Storage from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Wells Fargo & Company decreased their price objective on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. Finally, BNP Paribas Exane began coverage on Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $331.62.

Public Storage Price Performance

NYSE:PSA traded up $3.05 during midday trading on Monday, hitting $294.72. 519,329 shares of the stock were exchanged, compared to its average volume of 648,565. Public Storage has a one year low of $256.60 and a one year high of $369.99. The company has a market capitalization of $51.71 billion, a price-to-earnings ratio of 32.14, a P/E/G ratio of 4.89 and a beta of 0.86. The business has a 50-day moving average price of $287.68 and a two-hundred day moving average price of $294.02. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter in the previous year, the company earned $4.23 earnings per share. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Sell-side analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $12.00 annualized dividend and a yield of 4.1%. Public Storage's payout ratio is presently 130.86%.

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.