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

Public Storage (NYSE:PSA - Get Free Report) announced a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Shareholders of record on Thursday, March 13th will be given a dividend of 3.00 per share by the real estate investment trust on Friday, March 28th. This represents a $12.00 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend is Thursday, March 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 109.5% 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 $17.22 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 69.7%.

Public Storage Stock Performance

Shares of PSA traded down $2.24 during midday trading on Friday, reaching $303.46. The stock had a trading volume of 1,074,727 shares, compared to its average volume of 682,049. The firm has a market cap of $53.14 billion, a PE ratio of 31.51, a P/E/G ratio of 4.91 and a beta of 0.74. The firm has a 50 day simple moving average of $298.29 and a 200-day simple moving average of $325.09. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PSA shares. Truist Financial upped their price objective on Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research note on Thursday, December 5th. Wells Fargo & Company dropped their price target on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada dropped their price target on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and increased their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Barclays dropped their price objective on shares of Public Storage from $380.00 to $361.00 and set an "overweight" rating on the stock in a research report on Monday, January 13th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $340.69.

Insider Buying and Selling

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm's stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now directly owns 2,364 shares of the company's stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.00% of the stock is owned by insiders.

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.