Public Storage (NYSE:PSA) announced a quarterly dividend on Tuesday, February 20th, RTT News reports. Shareholders of record on Wednesday, March 14th will be paid a dividend of 2.00 per share by the real estate investment trust on Thursday, March 29th. This represents a $8.00 annualized dividend and a yield of 4.29%.
Public Storage has increased its dividend by an average of 12.6% per year over the last three years and has raised its dividend annually for the last 8 consecutive years. Public Storage has a dividend 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 decline. Analysts expect Public Storage to earn $10.56 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 75.8%.
Shares of Public Storage (NYSE PSA) opened at $186.31 on Wednesday. The stock has a market capitalization of $32,850.24, a P/E ratio of 27.20, a price-to-earnings-growth ratio of 3.71 and a beta of 0.31. Public Storage has a 52 week low of $180.48 and a 52 week high of $232.21.
Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.72 by $0.03. The business had revenue of $634.22 million during the quarter, compared to analyst estimates of $643.46 million. Public Storage had a return on equity of 27.78% and a net margin of 52.48%. Public Storage’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.03 earnings per share. analysts predict that Public Storage will post 10.16 earnings per share for the current fiscal year.
Several analysts have issued reports on the company. BMO Capital Markets set a $185.00 target price on Public Storage and gave the stock a “sell” rating in a research note on Tuesday. B. Riley set a $190.00 target price on Public Storage and gave the stock a “neutral” rating in a research note on Wednesday. Barclays reaffirmed a “hold” rating and issued a $201.00 target price on shares of Public Storage in a research note on Wednesday, January 31st. Zacks Investment Research lowered Public Storage from a “hold” rating to a “sell” rating in a research note on Wednesday, January 24th. Finally, Morgan Stanley lowered Public Storage from an “equal weight” rating to an “underweight” rating and set a $199.00 target price for the company. in a research note on Wednesday, December 13th. Eight research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. Public Storage currently has an average rating of “Hold” and a consensus target price of $206.00.
In other news, insider John Reyes sold 60,000 shares of the stock in a transaction that occurred on 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gary E. Pruitt sold 5,000 shares of the stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $212.09, for a total value of $1,060,450.00. Following the sale, the director now directly owns 8,350 shares of the company’s stock, valued at approximately $1,770,951.50. The disclosure for this sale can be found here. Corporate insiders own 14.42% of the company’s stock.
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About Public Storage
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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