Public Storage (PSA) to Issue Quarterly Dividend of $3.00 on June 27th

Public Storage (NYSE:PSAGet Free Report) announced a quarterly dividend on Wednesday, May 8th, RTT News reports. Investors of record on Wednesday, June 12th will be paid a dividend of 3.00 per share by the real estate investment trust on Thursday, June 27th. This represents a $12.00 annualized dividend and a yield of 4.38%. The ex-dividend date is Wednesday, June 12th.

Public Storage has increased its dividend by an average of 14.5% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Public Storage has a payout ratio of 110.9% meaning 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 $17.67 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 67.9%.

Public Storage Trading Down 0.8 %

Shares of NYSE:PSA opened at $273.82 on Monday. The company has a market cap of $48.12 billion, a PE ratio of 24.87, a P/E/G ratio of 3.82 and a beta of 0.63. The company’s 50-day moving average price is $273.05 and its 200 day moving average price is $280.80. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59.

Insider Buying and Selling

In related news, Director Kristy Pipes purchased 2,149 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PSA. BMO Capital Markets boosted their price target on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Barclays lowered their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research note on Thursday, March 28th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Finally, Scotiabank lifted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $304.75.

Read Our Latest Stock Report on PSA

About Public Storage

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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.

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Dividend History for Public Storage (NYSE:PSA)

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