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

Public Storage (NYSE:PSA) declared a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Investors of record on Thursday, March 13th will be paid 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 increased 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% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 opened at $313.59 on Tuesday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The firm’s 50-day simple moving average is $299.67 and its two-hundred day simple moving average is $324.60. The stock has a market cap of $55.01 billion, a PE ratio of 32.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Wall Street Analyst Weigh In

PSA has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Truist Financial upped their price target on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Scotiabank reduced their price objective on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Barclays dropped 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 note on Monday, January 13th. Finally, Royal Bank of Canada cut their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $340.23.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction on Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares of the company’s stock, valued at $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 SEC, which is available at this link. Insiders own 11.00% 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.