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

Public Storage (NYSE:PSA) announced a quarterly dividend on Wednesday, May 8th, RTT News reports. Investors 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 annualized dividend and a yield of 4.38%. The ex-dividend date of this dividend is Wednesday, June 12th.

Public Storage has raised its dividend by an average of 14.5% annually over the last three years and has raised its dividend every year for the last 1 years. Public Storage has a payout ratio of 110.9% meaning 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 $17.67 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 67.9%.

Public Storage Price Performance

NYSE:PSA opened at $274.02 on Tuesday. The firm has a market capitalization of $48.15 billion, a price-to-earnings ratio of 24.89, a P/E/G ratio of 3.82 and a beta of 0.63. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The stock has a fifty day moving average of $272.80 and a 200 day moving average of $280.94. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PSA. 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 note on Thursday, March 28th. Barclays dropped their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research note on Monday, May 20th. 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 research note on Friday, April 5th. BMO Capital Markets lifted their price target on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Finally, Scotiabank lifted their price target on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $304.75.

Insiders Place Their Bets

In other news, Director Kristy Pipes bought 2,149 shares of Public Storage stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the purchase, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.10% of the company’s stock.

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 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.