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

Public Storage (NYSE:PSA) declared a quarterly dividend on Wednesday, October 30th, Zacks reports. Shareholders of record on Friday, December 13th will be given a dividend of 3.00 per share by the real estate investment trust on Monday, December 30th. This represents a $12.00 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend is Friday, December 13th.

Public Storage has raised its dividend by an average of 14.5% annually over the last three years. Public Storage has a payout ratio of 113.7% indicating that 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 $17.37 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 69.1%.

Public Storage Stock Up 0.3 %

Shares of NYSE:PSA traded up $1.12 during trading on Friday, hitting $330.18. The company’s stock had a trading volume of 39,953 shares, compared to its average volume of 706,662. Public Storage has a fifty-two week low of $241.60 and a fifty-two week high of $369.99. The stock’s 50-day moving average price is $348.04 and its two-hundred day moving average price is $308.41. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $57.79 billion, a PE ratio of 34.17, a PEG ratio of 4.73 and a beta of 0.68.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 40.54% and a return on equity of 33.66%. The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the company earned $4.28 earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, sell-side analysts expect that Public Storage will post 16.73 EPS for the current year.

Analyst Ratings Changes

A number of research firms have commented on PSA. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday, August 5th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Jefferies Financial Group boosted their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Citigroup increased their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Wells Fargo & Company boosted their target price on shares of Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $341.43.

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.