Synovus Financial Corp Has $2.10 Million Stake in Public Storage (NYSE:PSA)

Synovus Financial Corp boosted its stake in shares of Public Storage (NYSE:PSA) by 42.0% during the third quarter, HoldingsChannel.com reports. The firm owned 5,776 shares of the real estate investment trust’s stock after acquiring an additional 1,708 shares during the period. Synovus Financial Corp’s holdings in Public Storage were worth $2,101,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PSA. Castellan Group acquired a new stake in Public Storage in the 3rd quarter valued at approximately $3,937,000. Tidal Investments LLC boosted its position in shares of Public Storage by 30.3% in the third quarter. Tidal Investments LLC now owns 11,386 shares of the real estate investment trust’s stock valued at $4,143,000 after acquiring an additional 2,646 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Public Storage in the third quarter worth $1,466,000. World Investment Advisors LLC bought a new position in Public Storage during the third quarter worth $3,713,000. Finally, Sanctuary Advisors LLC raised its stake in Public Storage by 47.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 12,504 shares of the real estate investment trust’s stock valued at $4,221,000 after purchasing an additional 4,016 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on PSA shares. Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Citigroup boosted their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Wells Fargo & Company reduced their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Scotiabank lifted their price objective on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Finally, Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price of $342.07.

Public Storage Stock Down 1.0 %

Shares of NYSE PSA opened at $317.62 on Monday. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. 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 business has a fifty day moving average of $337.34 and a two-hundred day moving average of $323.21. The stock has a market cap of $55.62 billion, a PE ratio of 32.98, a PEG ratio of 5.29 and a beta of 0.71.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.78%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.