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

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

Public Storage has raised its dividend by an average of 14.5% per year over the last three years and has raised its dividend every year for the last 1 years. Public Storage has a 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 Price Performance

PSA opened at $269.12 on Thursday. Public Storage has a one year low of $233.18 and a one year high of $312.25. 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 company’s 50 day simple moving average is $276.12 and its 200-day simple moving average is $276.24. The stock has a market capitalization of $47.28 billion, a P/E ratio of 24.44, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57.

Public Storage (NYSE:PSA) last released 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). Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the company earned $4.16 earnings per share. Public Storage’s revenue for the quarter was up 6.6% compared to the same quarter last year. Sell-side analysts anticipate that Public Storage will post 16.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PSA has been the topic of several analyst reports. Scotiabank increased their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. BMO Capital Markets increased their target price on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price on the stock. The Goldman Sachs Group raised their price objective 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. Finally, Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.