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

Public Storage (NYSE:PSA - Get Free Report) announced a quarterly dividend on Wednesday, October 30th, Zacks reports. Shareholders of record on Friday, December 13th will be paid 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 3.71%. The ex-dividend date of this dividend is Friday, December 13th.

Public Storage has increased its dividend by an average of 14.5% per year over the last three years. Public Storage has a dividend 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 Price Performance

PSA traded down $5.40 during trading on Friday, hitting $323.66. 1,058,426 shares of the stock traded hands, compared to its average volume of 711,500. The business has a 50 day moving average price of $348.04 and a 200 day moving average price of $308.41. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a twelve month low of $241.60 and a twelve month high of $369.99. The company has a market cap of $56.65 billion, a price-to-earnings ratio of 34.03, a PEG ratio of 4.73 and a beta of 0.68.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts' consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 33.66% and a net margin of 40.54%. The business had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the firm posted $4.28 EPS. Public Storage's quarterly revenue was down 1.0% on a year-over-year basis. Equities research analysts forecast that Public Storage will post 16.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on PSA shares. Barclays increased their price objective on shares of Public Storage from $374.00 to $381.00 and gave the company an "overweight" rating in a research note on Monday. Royal Bank of Canada started coverage on Public Storage in a research note on Tuesday, September 10th. They issued a "sector perform" rating and a $358.00 price target for the company. Wolfe Research upgraded Public Storage to a "strong-buy" rating in a research report on Wednesday, September 4th. Scotiabank increased their target price on Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a research report on Thursday, August 22nd. Finally, Citigroup lifted their price target on Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $341.43.

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.