Public Storage Plans Quarterly Dividend of $2.00 (PSA)

Public Storage (NYSE:PSA) declared a quarterly dividend on Wednesday, July 26th, RTT News reports. Stockholders of record on Wednesday, September 13th will be paid a dividend of 2.00 per share by the real estate investment trust on Thursday, September 28th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Tuesday, September 12th.

Public Storage has increased its dividend by an average of 12.3% annually over the last three years and has raised its dividend every year for the last 7 years. Public Storage has a dividend payout ratio of 78.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect Public Storage to earn $10.73 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 74.6%.

Shares of Public Storage (NYSE PSA) traded up 0.57% on Friday, hitting $201.49. The stock had a trading volume of 672,190 shares. Public Storage has a 12 month low of $192.15 and a 12 month high of $234.63. The company’s 50 day moving average price is $208.20 and its 200-day moving average price is $216.10. The company has a market cap of $35.06 billion, a P/E ratio of 28.74 and a beta of 0.41.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.54 by $0.95. Public Storage had a return on equity of 27.80% and a net margin of 53.35%. The business had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. During the same quarter last year, the firm earned $2.40 earnings per share. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, analysts expect that Public Storage will post $7.09 earnings per share for the current year.

A number of analysts have commented on PSA shares. Argus lowered their price target on Public Storage from $260.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday. Barclays PLC lifted their price target on Public Storage from $222.00 to $224.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Zacks Investment Research raised Public Storage from a “sell” rating to a “hold” rating in a research report on Monday, July 17th. Jefferies Group LLC reaffirmed a “hold” rating and set a $222.00 price target on shares of Public Storage in a research report on Friday, July 14th. Finally, Bank of America Corporation lowered their price target on Public Storage from $222.00 to $218.00 and set a “neutral” rating for the company in a research report on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. Public Storage presently has an average rating of “Hold” and a consensus target price of $221.64.

In related news, Director Ronald P. Spogli acquired 2,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was acquired at an average price of $200.59 per share, with a total value of $401,180.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John Reyes sold 60,000 shares of the business’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $207.11, for a total value of $12,426,600.00. The disclosure for this sale can be found here. 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.