Public Storage (PSA) to Issue Quarterly Dividend of $3.00 on September 30th

Public Storage (NYSE:PSA) declared a quarterly dividend on Thursday, August 1st, RTT News reports. Shareholders of record on Friday, September 13th will be given a dividend of 3.00 per share by the real estate investment trust on Monday, September 30th. This represents a $12.00 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date is Friday, September 13th.

Public Storage has increased its dividend payment by an average of 14.5% annually over the last three years. Public Storage has a payout ratio of 112.6% 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 $17.34 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 69.2%.

Public Storage Trading Up 2.2 %

Shares of NYSE PSA opened at $359.12 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $62.85 billion, a PE ratio of 32.62, a PEG ratio of 5.72 and a beta of 0.67. Public Storage has a twelve month low of $233.18 and a twelve month high of $361.23. The stock has a fifty day simple moving average of $315.94 and a 200-day simple moving average of $291.42.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.28 earnings per share. On average, equities analysts forecast that Public Storage will post 16.72 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of research reports. Wells Fargo & Company increased their target price on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Citigroup upped their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Scotiabank raised their price objective on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. Finally, Barclays upped their price objective on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $326.21.

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.