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

Public Storage (NYSE:PSA) declared a quarterly dividend on Thursday, August 1st, RTT News reports. Shareholders of record on Friday, September 13th will be given a dividend of 3.00 per share by the real estate investment trust on Monday, September 30th. This represents a $12.00 dividend on an annualized basis and a yield of 3.95%.

Public Storage has raised its dividend by an average of 14.5% annually over the last three years. Public Storage has a dividend payout ratio of 110.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Public Storage to earn $17.62 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 68.1%.

Public Storage Stock Up 1.2 %

PSA stock opened at $303.54 on Friday. 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 fifty day moving average price of $288.18 and a two-hundred day moving average price of $282.78. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93. The firm has a market cap of $53.34 billion, a price-to-earnings ratio of 27.26, a PEG ratio of 4.33 and a beta of 0.65.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.06%. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.28 earnings per share. Research analysts predict that Public Storage will post 16.83 EPS for the current year.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kristy Pipes bought 2,149 shares of the stock in a transaction on Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PSA shares. Evercore ISI boosted their target price on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Wells Fargo & Company upped their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Scotiabank boosted their target price on shares of Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a research note on Friday, July 19th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday. Finally, Barclays decreased their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $309.73.

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.