Public Storage (NYSE:PSA) Shares Sold by Synovus Financial Corp

Synovus Financial Corp lowered its holdings in Public Storage (NYSE:PSA - Free Report) by 33.4% in the 4th quarter, according to the company in its most recent 13F filing with the 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 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PSA. Geode Capital Management LLC increased its position in shares of Public Storage by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock valued at $1,197,769,000 after purchasing an additional 78,472 shares during the last quarter. Norges Bank acquired a new position in Public Storage in the fourth quarter worth approximately $931,286,000. Invesco Ltd. boosted its holdings in Public Storage by 2.6% in the fourth quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust's stock worth $329,159,000 after purchasing an additional 27,693 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Public Storage by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust's stock valued at $328,677,000 after acquiring an additional 21,165 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in Public Storage by 25.5% in 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 acquiring an additional 202,944 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Price Performance

Shares of NYSE PSA traded down $6.03 during midday trading on Monday, reaching $289.99. The stock had a trading volume of 90,101 shares, compared to its average volume of 774,393. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a market capitalization of $50.87 billion, a price-to-earnings ratio of 30.11, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The stock has a 50-day moving average of $295.93 and a 200-day moving average of $311.30. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.14%. Public Storage's payout ratio is 112.89%.

Analyst Ratings Changes

A number of research firms have recently issued reports on PSA. Wells Fargo & Company cut their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and raised their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a report on Thursday, April 10th. Barclays reiterated an "overweight" rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Finally, Mizuho began 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 for the company. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.