Synovus Financial Corp Boosts Holdings in Public Storage (PSA)

Synovus Financial Corp increased its position in shares of Public Storage (NYSE:PSA) by 27.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,635 shares of the real estate investment trust’s stock after purchasing an additional 355 shares during the period. Synovus Financial Corp’s holdings in Public Storage were worth $331,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. First Personal Financial Services lifted its position in Public Storage by 26.7% in the third quarter. First Personal Financial Services now owns 22,176 shares of the real estate investment trust’s stock valued at $4,471,000 after acquiring an additional 4,675 shares during the last quarter. US Bancorp DE lifted its position in Public Storage by 1.0% in the third quarter. US Bancorp DE now owns 47,737 shares of the real estate investment trust’s stock valued at $9,626,000 after acquiring an additional 457 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Public Storage by 153.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 23,233 shares of the real estate investment trust’s stock valued at $4,685,000 after acquiring an additional 14,068 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in Public Storage by 0.8% in the third quarter. Oregon Public Employees Retirement Fund now owns 37,942 shares of the real estate investment trust’s stock valued at $7,650,000 after acquiring an additional 315 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV lifted its position in Public Storage by 5.0% in the third quarter. Nissay Asset Management Corp Japan ADV now owns 23,935 shares of the real estate investment trust’s stock valued at $4,826,000 after acquiring an additional 1,150 shares during the last quarter. Hedge funds and other institutional investors own 81.51% of the company’s stock.

Shares of NYSE:PSA opened at $205.04 on Friday. Public Storage has a one year low of $180.48 and a one year high of $234.90. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.05 and a quick ratio of 1.06. The stock has a market capitalization of $35.34 billion, a PE ratio of 20.04, a price-to-earnings-growth ratio of 4.01 and a beta of 0.13.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, October 30th. The real estate investment trust reported $1.85 EPS for the quarter, meeting analysts’ consensus estimates of $1.85. Public Storage had a net margin of 55.38% and a return on equity of 30.87%. The business had revenue of $706.37 million during the quarter, compared to analysts’ expectations of $704.51 million. During the same period in the prior year, the company earned $1.61 earnings per share. As a group, sell-side analysts predict that Public Storage will post 10.51 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 27th. Stockholders of record on Wednesday, December 12th will be issued a $2.00 dividend. The ex-dividend date is Tuesday, December 11th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.90%. Public Storage’s payout ratio is 78.20%.

In other news, CEO Ronald L. Havner, Jr. sold 100,000 shares of the business’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $211.54, for a total transaction of $21,154,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gary E. Pruitt sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $203.35, for a total transaction of $1,016,750.00. Following the transaction, the director now owns 8,350 shares in the company, valued at $1,697,972.50. The disclosure for this sale can be found here. 14.00% of the stock is currently owned by corporate insiders.

PSA has been the subject of a number of research reports. Argus boosted their price target on shares of Public Storage to $250.00 and gave the company a “buy” rating in a research report on Tuesday, July 17th. Barclays boosted their price target on shares of Public Storage from $205.00 to $212.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 17th. Citigroup reduced their price target on shares of Public Storage from $235.00 to $202.00 and set a “hold” rating for the company in a research report on Friday, October 5th. Goldman Sachs Group cut shares of Public Storage from a “neutral” rating to a “sell” rating in a report on Wednesday, August 22nd. Finally, BMO Capital Markets reaffirmed a “sell” rating and issued a $194.00 target price on shares of Public Storage in a report on Wednesday, August 1st. Seven analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. Public Storage currently has an average rating of “Hold” and a consensus price target of $205.54.

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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. The Company's headquarters are located in Glendale, California. At June 30, 2018, we had interests in 2,402 self-storage facilities located in 38 states with approximately 160 million net rentable square feet in the United States and 228 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the “Shurgard” brand.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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