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

Public Storage (NYSE:PSA) declared a quarterly dividend on Tuesday, February 25th, 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 annualized dividend and a yield of 3.89%. 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 109.1% 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 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 Trading Up 1.7 %

Shares of Public Storage stock traded up $5.04 on Tuesday, hitting $308.39. 1,394,661 shares of the company’s stock traded hands, compared to its average volume of 662,188. Public Storage has a one year low of $256.31 and a one year high of $369.99. The firm’s 50-day moving average price is $297.86 and its two-hundred day moving average price is $325.51. 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 stock has a market capitalization of $54.00 billion, a PE ratio of 32.02, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PSA shares. Wells Fargo & Company reduced their price target 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. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Royal Bank of Canada reduced their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Truist Financial increased their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Barclays decreased their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $341.85.

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.