November 10, 2019 at 5:49 pm

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

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Synovus Financial Corp grew its holdings in shares of Public Storage (NYSE:PSA) by 16.8% in the third quarter, HoldingsChannel reports. The fund owned 2,005 shares of the real estate investment trust’s stock after buying an additional 288 shares during the period. Synovus Financial Corp’s holdings in Public Storage were worth $492,000 as of its most recent filing with the SEC.

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A number of other hedge funds have also made changes to their positions in the business. IFM Investors Pty Ltd boosted its position in Public Storage by 51.6% during the 3rd quarter. IFM Investors Pty Ltd now owns 17,012 shares of the real estate investment trust’s stock worth $4,173,000 after acquiring an additional 5,787 shares during the period. Wright Investors Service Inc. acquired a new stake in shares of Public Storage in the third quarter valued at $1,327,000. Wetherby Asset Management Inc. lifted its holdings in shares of Public Storage by 5.2% in the third quarter. Wetherby Asset Management Inc. now owns 2,631 shares of the real estate investment trust’s stock valued at $645,000 after buying an additional 130 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Public Storage by 8.1% in the third quarter. California Public Employees Retirement System now owns 1,312,788 shares of the real estate investment trust’s stock valued at $321,988,000 after buying an additional 98,293 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Public Storage by 4.2% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 817,452 shares of the real estate investment trust’s stock valued at $200,496,000 after buying an additional 33,094 shares during the period. Institutional investors own 81.32% of the company’s stock.

PSA has been the subject of several research analyst reports. Robert W. Baird upgraded Public Storage from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $200.00 to $254.00 in a report on Wednesday, August 21st. Evercore ISI lowered Public Storage from an “in-line” rating to an “underperform” rating and cut their price objective for the company from $246.00 to $228.00 in a report on Tuesday, October 1st. Argus upped their price objective on Public Storage to $290.00 and gave the company a “positive” rating in a report on Wednesday, August 28th. They noted that the move was a valuation call. Citigroup upped their price objective on Public Storage from $223.00 to $250.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, Morgan Stanley upgraded Public Storage from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $193.00 to $240.00 in a report on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. Public Storage has an average rating of “Hold” and a consensus price target of $245.56.

Shares of Public Storage stock traded down $3.12 on Friday, reaching $211.35. 958,694 shares of the company were exchanged, compared to its average volume of 874,042. The stock has a fifty day moving average price of $238.33 and a 200-day moving average price of $241.81. The firm has a market capitalization of $37.59 billion, a price-to-earnings ratio of 20.01, a price-to-earnings-growth ratio of 5.08 and a beta of 0.07. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.38. Public Storage has a fifty-two week low of $193.89 and a fifty-two week high of $266.76.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.03. The company had revenue of $729.33 million for the quarter, compared to analyst estimates of $732.26 million. Public Storage had a return on equity of 33.96% and a net margin of 60.98%. Public Storage’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.85 earnings per share. On average, equities analysts anticipate that Public Storage will post 10.76 earnings per share for the current fiscal year.

In other news, Chairman B Wayne Et Al Hughes sold 38,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $257.89, for a total transaction of $9,799,820.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 14.00% of the stock is owned by insiders.

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 March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.

Further Reading: What is a stock buyback?

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA).

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

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