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

Public Storage (NYSE:PSA) announced a quarterly dividend on Wednesday, October 30th, Zacks reports. Shareholders of record on Friday, December 13th will be paid a dividend of 3.00 per share by the real estate investment trust on Monday, December 30th. This represents a $12.00 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend is Friday, December 13th.

Public Storage has increased its dividend by an average of 14.5% per year over the last three years. Public Storage has a payout ratio of 113.7% 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 $17.37 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 69.1%.

Public Storage Trading Down 2.0 %

Shares of PSA stock opened at $329.06 on Friday. The company’s fifty day simple moving average is $348.04 and its two-hundred day simple moving average is $308.41. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99. The stock has a market capitalization of $57.59 billion, a price-to-earnings ratio of 34.17, a PEG ratio of 4.73 and a beta of 0.68.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 40.54% and a return on equity of 33.66%. The business had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the firm earned $4.28 EPS. The company’s revenue was down 1.0% compared to the same quarter last year. As a group, analysts anticipate that Public Storage will post 16.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PSA shares. Citigroup upped their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Morgan Stanley upped their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada started coverage on shares of Public Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target on the stock. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Jefferies Financial Group upped their price target on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $341.43.

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.