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

Public Storage (NYSE:PSA) declared a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Shareholders 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 yield of 3.83%. The ex-dividend date is Thursday, March 13th.

Public Storage has raised its dividend by an average of 14.5% annually over the last three years. Public Storage has a payout ratio of 111.2% meaning 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 Price Performance

Shares of PSA stock opened at $313.59 on Tuesday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $55.01 billion, a P/E ratio of 32.56, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The firm has a fifty day moving average of $299.67 and a two-hundred day moving average of $324.60.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred 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 sale, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the topic of several recent research reports. Royal Bank of Canada cut their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Barclays decreased their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Scotiabank cut their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Wells Fargo & Company dropped their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price 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.