Synergy Asset Management LLC Has $2.71 Million Stock Holdings in Public Storage (NYSE:PSA)

Synergy Asset Management LLC reduced its stake in shares of Public Storage (NYSE:PSA) by 41.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,333 shares of the real estate investment trust’s stock after selling 6,580 shares during the period. Synergy Asset Management LLC’s holdings in Public Storage were worth $2,707,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in shares of Public Storage by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after buying an additional 729,262 shares during the last quarter. Norges Bank acquired a new position in Public Storage during the 4th quarter worth $821,151,000. Charles Schwab Investment Management Inc. boosted its holdings in Public Storage by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock valued at $794,161,000 after acquiring an additional 216,331 shares during the period. APG Asset Management US Inc. grew its position in shares of Public Storage by 4.7% in the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after purchasing an additional 93,122 shares during the last quarter. Finally, Morgan Stanley increased its stake in shares of Public Storage by 0.8% in the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after purchasing an additional 13,864 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSA has been the topic of a number of research analyst reports. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. Barclays dropped their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. Scotiabank raised their price target on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. BMO Capital Markets upped their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Finally, Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $303.00.

Insider Activity

In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the purchase, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kristy Pipes bought 2,149 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the transaction, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 11.10% of the stock is owned by company insiders.

Public Storage Trading Up 0.1 %

Shares of Public Storage stock traded up $0.19 during trading on Tuesday, hitting $283.32. 224,604 shares of the company were exchanged, compared to its average volume of 722,369. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market capitalization of $49.79 billion, a P/E ratio of 25.89, a price-to-earnings-growth ratio of 4.02 and a beta of 0.65. The firm’s fifty day moving average price is $276.19 and its 200 day moving average price is $282.86. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were given a dividend of $3.00 per share. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.24%. Public Storage’s dividend payout ratio is 108.99%.

About Public Storage

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.