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.
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 ÂShurgardÂ 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.
- Get a free copy of the StockNews.com research report on Public Storage (PSA)
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