Public Storage (NYSE:PSA) declared a quarterly dividend on Wednesday, October 25th, RTT News reports. Shareholders of record on Wednesday, December 13th will be given a dividend of 2.00 per share by the real estate investment trust on Thursday, December 28th. This represents a $8.00 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date is Tuesday, December 12th.
Public Storage has raised its dividend payment by an average of 12.3% per year over the last three years and has increased its dividend every year for the last 7 years. Public Storage has a payout ratio of 78.7% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Public Storage to earn $10.54 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 75.9%.
Public Storage (NYSE:PSA) opened at $210.84 on Monday. The firm has a market capitalization of $36,694.80, a PE ratio of 21.27, a PEG ratio of 4.52 and a beta of 0.43. Public Storage has a 52-week low of $192.15 and a 52-week high of $232.21.
In related news, insider John Reyes sold 60,000 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $212.24, for a total transaction of $12,734,400.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 14.42% of the company’s stock.
PSA has been the subject of several recent research reports. Jefferies Group set a $210.00 price objective on Public Storage and gave the stock a “hold” rating in a research report on Thursday, August 17th. Zacks Investment Research cut Public Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. BMO Capital Markets initiated coverage on Public Storage in a research report on Monday, September 11th. They set an “underperform” rating and a $193.00 price objective for the company. KeyCorp reaffirmed a “sell” rating and set a $184.00 price objective on shares of Public Storage in a research report on Wednesday, September 13th. Finally, Evercore ISI reaffirmed an “underperform” rating and set a $204.00 price objective (up from $197.00) on shares of Public Storage in a research report on Thursday, September 14th. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $210.25.
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Public Storage Company Profile
Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.
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