Public Storage (NYSE:PSA) Plans $2.00 Quarterly Dividend

Public Storage (NYSE:PSA – Get Rating) declared a quarterly dividend on Thursday, May 5th, Wall Street Journal reports. Shareholders of record on Wednesday, June 15th will be given a dividend of 2.00 per share by the real estate investment trust on Thursday, June 30th. This represents a $8.00 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Tuesday, June 14th.

Public Storage has a payout ratio of 70.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Public Storage to earn $16.71 per share next year, which means the company should continue to be able to cover its $8.00 annual dividend with an expected future payout ratio of 47.9%.

NYSE:PSA opened at $349.27 on Friday. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.52 and a quick ratio of 1.52. The company’s fifty day moving average price is $382.96 and its 200-day moving average price is $359.95. Public Storage has a 1-year low of $269.55 and a 1-year high of $421.76. The firm has a market capitalization of $61.28 billion, a P/E ratio of 33.94, a PEG ratio of 3.70 and a beta of 0.28.

Public Storage (NYSE:PSA – Get Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share for the quarter, missing the consensus estimate of $3.59 by ($0.96). The company had revenue of $749.27 million for the quarter, compared to analyst estimates of $985.58 million. Public Storage had a return on equity of 38.59% and a net margin of 54.79%. Public Storage’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.82 earnings per share. Equities analysts anticipate that Public Storage will post 15.47 EPS for the current fiscal year.

Several equities research analysts have commented on the company. StockNews.com started coverage on Public Storage in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. JPMorgan Chase & Co. increased their price target on shares of Public Storage from $385.00 to $434.00 and gave the stock an “overweight” rating in a report on Monday, April 4th. Jefferies Financial Group upgraded shares of Public Storage from a “hold” rating to a “buy” rating and upped their price objective for the stock from $366.00 to $433.00 in a research report on Monday, January 10th. The Goldman Sachs Group boosted their target price on shares of Public Storage from $398.00 to $440.00 and gave the stock a “neutral” rating in a research note on Thursday, April 14th. Finally, Truist Financial increased their price target on Public Storage from $353.00 to $380.00 in a report on Tuesday, January 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $362.15.

In other Public Storage news, Director Rebecca L. Owen sold 5,000 shares of the stock in a transaction dated Tuesday, March 15th. The shares were sold at an average price of $358.25, for a total transaction of $1,791,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in PSA. EverSource Wealth Advisors LLC purchased a new position in shares of Public Storage during the fourth quarter worth $26,000. First Community Trust NA acquired a new position in Public Storage during the 4th quarter worth about $94,000. Belpointe Asset Management LLC purchased a new position in Public Storage during the 4th quarter valued at about $187,000. NEXT Financial Group Inc boosted its holdings in Public Storage by 9.2% during the 4th quarter. NEXT Financial Group Inc now owns 768 shares of the real estate investment trust’s stock valued at $287,000 after acquiring an additional 65 shares during the period. Finally, EP Wealth Advisors LLC acquired a new position in Public Storage in the 4th quarter valued at about $393,000. Institutional investors own 78.54% of the company’s stock.

About Public Storage (Get Rating)

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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the ÂShurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

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