Public Storage (NYSE:PSA) declared a quarterly dividend on Thursday, August 2nd, Wall Street Journal reports. Shareholders of record on Wednesday, September 12th will be paid a dividend of 2.00 per share by the real estate investment trust on Thursday, September 27th. This represents a $8.00 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend is Tuesday, September 11th.
Public Storage has increased its dividend payment by an average of 12.6% annually over the last three years and has raised its dividend every year for the last 8 years. Public Storage has a dividend payout ratio of 76.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Public Storage to earn $10.85 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 73.7%.
Shares of PSA opened at $215.70 on Thursday. The firm has a market capitalization of $37.04 billion, a price-to-earnings ratio of 20.26, a PEG ratio of 4.07 and a beta of 0.20. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.96 and a current ratio of 0.96. Public Storage has a 52 week low of $180.48 and a 52 week high of $234.90.
Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $2.00 EPS for the quarter, missing the Zacks’ consensus estimate of $2.61 by ($0.61). The firm had revenue of $685.50 million during the quarter, compared to the consensus estimate of $686.32 million. Public Storage had a net margin of 55.00% and a return on equity of 30.37%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.51 earnings per share. analysts forecast that Public Storage will post 10.53 EPS for the current year.
Several research analysts have recently issued reports on PSA shares. ValuEngine lowered Public Storage from a “hold” rating to a “sell” rating in a research report on Friday, May 18th. Morgan Stanley reduced their price target on Public Storage from $199.00 to $193.00 and set an “underweight” rating on the stock in a research report on Thursday, June 14th. Citigroup raised their price target on Public Storage from $200.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, July 12th. Evercore ISI lowered Public Storage from an “in-line” rating to an “underperform” rating and set a $217.00 price target on the stock. in a research report on Monday, July 16th. They noted that the move was a valuation call. Finally, Barclays raised their price objective on Public Storage from $205.00 to $212.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 17th. Seven equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. Public Storage presently has an average rating of “Hold” and a consensus target price of $208.33.
In related news, CEO Ronald L. Havner, Jr. sold 100,000 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $211.54, for a total transaction of $21,154,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 14.00% of the company’s stock.
About Public Storage
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 March 31, 2018, we had interests in 2,392 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 223 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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