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

Public Storage (NYSE:PSA) announced a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Investors of record on Thursday, March 13th will be given a dividend of 3.00 per share by the real estate investment trust on Friday, March 28th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date of this dividend is Thursday, March 13th.

Public Storage has raised its dividend payment by an average of 14.5% annually over the last three years. Public Storage has a dividend payout ratio of 111.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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 Stock Performance

NYSE:PSA opened at $313.59 on Tuesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The firm has a market cap of $55.01 billion, a price-to-earnings ratio of 32.56, a PEG ratio of 4.91 and a beta of 0.73. The business’s fifty day moving average is $299.67 and its 200 day moving average is $324.60.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the sale, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 11.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Barclays decreased their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Truist Financial upped their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Royal Bank of Canada decreased their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Scotiabank decreased their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company decreased their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $340.23.

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.