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

Public Storage (NYSE:PSA) declared a quarterly dividend on Wednesday, May 8th, RTT News reports. Shareholders of record on Wednesday, June 12th will be given a dividend of 3.00 per share by the real estate investment trust on Thursday, June 27th. This represents a $12.00 dividend on an annualized basis and a yield of 4.46%.

Public Storage has raised its dividend by an average of 14.5% per year over the last three years and has increased its dividend every year for the last 1 years. Public Storage has a payout ratio of 108.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Public Storage to earn $17.66 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 68.0%.

Public Storage Stock Down 1.5 %

Shares of PSA stock traded down $4.18 on Wednesday, hitting $269.02. 466,451 shares of the stock were exchanged, compared to its average volume of 725,493. The business has a 50-day moving average of $276.12 and a 200 day moving average of $276.24. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The firm has a market capitalization of $47.26 billion, a P/E ratio of 24.82, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. Public Storage’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business earned $4.16 earnings per share. Equities analysts anticipate that Public Storage will post 16.92 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PSA. Scotiabank upped their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research report on Thursday, March 28th. Barclays started coverage on Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price on the stock. The Goldman Sachs Group lifted their price objective on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Finally, Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $280.00 to $310.00 in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $305.00.

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.