Public Storage (PSA) to Issue Quarterly Dividend of $3.00 on December 30th

Public Storage (NYSE:PSA) announced a quarterly dividend on Wednesday, October 29th. Investors of record on Monday, December 15th will be given a dividend of 3.00 per share by the real estate investment trust on Tuesday, December 30th. This represents a c) dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Monday, December 15th.

Public Storage has increased its dividend by an average of 0.1%annually over the last three years. Public Storage has a dividend payout ratio of 113.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Trading Up 0.4%

NYSE:PSA traded up $1.17 during trading hours on Friday, hitting $274.88. 1,175,066 shares of the company were exchanged, compared to its average volume of 972,351. The stock has a market capitalization of $48.23 billion, a price-to-earnings ratio of 28.54, a price-to-earnings-growth ratio of 5.86 and a beta of 1.01. Public Storage has a one year low of $256.60 and a one year high of $322.49. The company has a fifty day simple moving average of $283.14 and a 200 day simple moving average of $287.79. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 1.99.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share for the quarter, beating the consensus estimate of $4.24 by $0.07. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Public Storage had a return on equity of 36.09% and a net margin of 39.53%.The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.20 earnings per share. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. Sell-side analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PSA. Wells Fargo & Company boosted their price target on shares of Public Storage from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Wall Street Zen upgraded Public Storage from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. UBS Group cut their price objective on shares of Public Storage from $295.00 to $293.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 18th. Mizuho decreased their target price on Public Storage from $310.00 to $285.00 and set a “neutral” rating for the company in a research report on Friday, December 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Public Storage in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $320.87.

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.