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

Public Storage (NYSE:PSA) declared a quarterly dividend on Wednesday, May 8th, RTT News reports. Shareholders 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 yield of 4.46%.

Public Storage has increased its dividend by an average of 14.5% per year over the last three years and has increased its dividend every year for the last 1 years. Public Storage has a dividend payout ratio of 108.9% 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 $17.66 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 Stock Performance

NYSE PSA opened at $269.12 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The stock has a market cap of $47.28 billion, a P/E ratio of 24.44, a PEG ratio of 3.49 and a beta of 0.57. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The company’s 50-day simple moving average is $276.12 and its 200 day simple moving average is $276.24.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.16 earnings per share. As a group, research analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PSA has been the subject of a number of recent analyst reports. BMO Capital Markets increased their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. The Goldman Sachs Group boosted their target price on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock 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 on the stock in a research report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $305.00.

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.