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

Public Storage (NYSE:PSA) announced a quarterly dividend on Wednesday, May 8th, RTT News reports. Investors of record on Wednesday, June 12th will be paid a dividend of 3.00 per share by the real estate investment trust on Thursday, June 27th. This represents a $12.00 annualized dividend and a dividend yield of 4.46%.

Public Storage has raised its dividend by an average of 14.5% annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Public Storage has a payout ratio of 108.9% 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 $17.66 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 68.0%.

Public Storage Price Performance

PSA traded down $4.18 on Wednesday, reaching $269.02. 466,451 shares of the company’s stock were exchanged, compared to its average volume of 725,493. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The stock has a market cap of $47.26 billion, a PE ratio of 24.82, a P/E/G ratio of 3.49 and a beta of 0.57. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The stock’s fifty day moving average price is $276.12 and its 200-day moving average price is $276.24.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. Public Storage’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted $4.16 EPS. Sell-side analysts expect that Public Storage will post 16.92 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PSA. Barclays began coverage on shares of Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. Scotiabank lifted their target price on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. The Goldman Sachs Group increased their price target on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Finally, Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

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.