Public Storage Announces Quarterly Dividend of $3.00 (NYSE:PSA)

Public Storage (NYSE:PSA) declared a quarterly dividend on Tuesday, February 25th, Wall Street Journal reports. Shareholders of record on Thursday, March 13th will be paid a dividend of 3.00 per share by the real estate investment trust on Friday, March 28th. This represents a $12.00 annualized dividend and a yield of 3.89%. The ex-dividend date is Thursday, March 13th.

Public Storage has increased its dividend payment by an average of 14.5% per year over the last three years. Public Storage has a payout ratio of 109.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Public Storage to earn $17.22 per share next year, which means the company should continue to be able to cover its $12.00 annual dividend with an expected future payout ratio of 69.7%.

Public Storage Trading Up 1.7 %

Shares of PSA traded up $5.04 during trading hours on Tuesday, reaching $308.39. 1,394,661 shares of the company traded hands, compared to its average volume of 662,188. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company’s fifty day moving average price is $297.86 and its two-hundred day moving average price is $325.51. The company has a market capitalization of $54.00 billion, a price-to-earnings ratio of 32.02, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research reports. Truist Financial increased their price objective on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Wells Fargo & Company lowered their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday. Barclays cut their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Royal Bank of Canada reduced their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $341.85.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the transaction, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.00% of the company’s stock.

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.