Public Storage (PSA) Declares $2.00 Quarterly Dividend
Public Storage (NYSE:PSA) announced a quarterly dividend on Wednesday, July 26th, RTT News reports. Investors of record on Wednesday, September 13th will be given a dividend of 2.00 per share by the real estate investment trust on Thursday, September 28th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.81%.
Public Storage has raised its dividend by an average of 12.3% per year over the last three years and has increased its dividend every year for the last 7 years. Public Storage has a payout ratio of 77.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect Public Storage to earn $7.93 per share next year, which means the company may not be able to cover its $8.00 annual dividend with an expected future payout ratio of 100.9%.
Public Storage (NYSE:PSA) traded up 1.13% during midday trading on Wednesday, hitting $210.06. 964,398 shares of the company were exchanged. Public Storage has a 1-year low of $200.65 and a 1-year high of $252.21. The stock has a 50 day moving average of $208.98 and a 200-day moving average of $216.86. The stock has a market capitalization of $36.52 billion, a price-to-earnings ratio of 29.84 and a beta of 0.41.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $2.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.42 by $0.05. The firm had revenue of $645.55 million during the quarter, compared to analysts’ expectations of $615.23 million. Public Storage had a return on equity of 27.74% and a net margin of 54.13%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the company earned $2.21 earnings per share. Equities analysts expect that Public Storage will post $7.33 earnings per share for the current year.
In other Public Storage news, insider John Reyes sold 60,000 shares of Public Storage stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total value of $12,426,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 14.42% of the company’s stock.
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Several equities analysts recently weighed in on the stock. Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Friday, May 12th. Barclays PLC cut their target price on shares of Public Storage from $216.00 to $209.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 18th. BidaskClub raised shares of Public Storage from a “strong sell” rating to a “sell” rating in a research note on Friday, June 16th. Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 target price on shares of Public Storage in a research note on Friday, July 14th. Finally, Bank of America Corporation cut their target price on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a research note on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $224.67.
About Public Storage
Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
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