Public Storage (PSA) To Go Ex-Dividend on March 13th

Public Storage (NYSE:PSA) announced a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Investors 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 dividend yield of 3.83%. 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 dividend payout ratio of 111.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Price Performance

Public Storage stock opened at $313.59 on Tuesday. The stock has a 50-day moving average price of $299.67 and a two-hundred day moving average price of $324.60. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a market capitalization of $55.01 billion, a PE ratio of 32.56, a P/E/G ratio of 4.91 and a beta of 0.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction 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 owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.00% of the company’s stock.

Analyst Ratings Changes

PSA has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Royal Bank of Canada cut their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Scotiabank decreased their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Finally, Barclays reduced their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $340.23.

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.