Public Storage (NYSE:PSA) Announces $3.00 Quarterly Dividend

Public Storage (NYSE:PSAGet Free Report) declared a quarterly dividend on Wednesday, May 8th, RTT News reports. Shareholders of record on Wednesday, June 12th will be given 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 4.38%. The ex-dividend date of this dividend is Wednesday, June 12th.

Public Storage has raised its dividend by an average of 14.5% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Public Storage has a payout ratio of 110.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Public Storage to earn $17.67 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 67.9%.

Public Storage Trading Up 0.1 %

Shares of NYSE PSA opened at $274.02 on Tuesday. The stock has a market cap of $48.15 billion, a price-to-earnings ratio of 24.89, a PEG ratio of 3.82 and a beta of 0.63. The business has a 50 day simple moving average of $272.80 and a 200 day simple moving average of $280.94. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54.

Wall Street Analyst Weigh In

PSA has been the subject of several analyst reports. BMO Capital Markets boosted their target price on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Scotiabank upped their price target on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Barclays cut their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a report on Thursday, March 28th. Finally, Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $280.00 to $310.00 in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $304.75.

Read Our Latest Analysis on Public Storage

Insider Buying and Selling at Public Storage

In related news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction on Tuesday, May 14th. The shares were purchased at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kristy Pipes purchased 2,149 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.10% of the company’s stock.

Public Storage Company Profile

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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.

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Dividend History for Public Storage (NYSE:PSA)

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