Public Storage (NYSE:PSA) announced a quarterly dividend on Wednesday, April 25th, RTT News reports. Stockholders of record on Wednesday, June 13th will be paid a dividend of 2.00 per share by the real estate investment trust on Thursday, June 28th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 4.13%.
Public Storage has raised its dividend payment 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 payout ratio of 78.7% meaning 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 $10.89 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 73.5%.
Shares of NYSE PSA traded down $0.05 during trading on Wednesday, reaching $193.71. 700,384 shares of the company traded hands, compared to its average volume of 1,000,079. Public Storage has a 52-week low of $180.48 and a 52-week high of $225.62. The company has a market cap of $33,604.33, a PE ratio of 18.94, a PEG ratio of 3.81 and a beta of 0.28.
Several equities analysts have recently weighed in on PSA shares. Zacks Investment Research cut shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Wednesday, January 24th. Barclays reiterated a “hold” rating and issued a $201.00 price objective on shares of Public Storage in a research note on Wednesday, January 31st. B. Riley set a $190.00 price objective on shares of Public Storage and gave the stock a “neutral” rating in a research note on Wednesday, February 21st. BMO Capital Markets set a $185.00 price objective on shares of Public Storage and gave the stock a “sell” rating in a research note on Tuesday, February 20th. Finally, Cantor Fitzgerald reiterated a “hold” rating and issued a $213.00 price objective on shares of Public Storage in a research note on Wednesday, February 21st. Seven equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $204.60.
In other Public Storage news, SVP Lily Yan Hughes sold 443 shares of the firm’s stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $194.53, for a total transaction of $86,176.79. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 14.00% of the stock is currently owned by company insiders.
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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. The Company's headquarters are located in Glendale, California. At December 31, 2017, we had interests in 2,386 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 222 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the ?Shurgard? brand.
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