Public Storage Plans 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 dividend yield of 3.83%. The ex-dividend date of this dividend is Thursday, March 13th.

Public Storage has raised its dividend by an average of 14.5% per year over the last three years. Public Storage has a payout ratio of 111.2% 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 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 Public Storage stock opened at $313.59 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The business has a 50-day moving average price of $299.67 and a 200 day moving average price of $324.60. The firm has a market cap of $55.01 billion, a PE ratio of 32.56, a P/E/G ratio of 4.91 and a beta of 0.73.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Royal Bank of Canada lowered their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Scotiabank dropped their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Barclays cut their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Seven 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’s stock. According to data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average price target of $340.23.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.00% of the company’s stock.

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.