Public Storage (NYSE:PSA) Plans Quarterly Dividend of $2.00

Public Storage (NYSE:PSA) declared a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Stockholders of record on Wednesday, June 12th will be given a dividend of 2.00 per share by the real estate investment trust on Thursday, June 27th. This represents a $8.00 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend is Tuesday, June 11th.

Public Storage has raised its dividend by an average of 7.2% annually over the last three years. Public Storage has a payout ratio of 76.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Public Storage to earn $10.97 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 72.9%.

NYSE:PSA traded up $1.13 on Friday, hitting $238.17. The company’s stock had a trading volume of 1,327,317 shares, compared to its average volume of 843,527. Public Storage has a one year low of $193.89 and a one year high of $247.63. The company has a market cap of $40.86 billion, a price-to-earnings ratio of 22.55, a P/E/G ratio of 5.45 and a beta of 0.18. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. The firm has a fifty day moving average of $236.71.

Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, May 1st. The real estate investment trust reported $1.73 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.52 by ($0.79). Public Storage had a net margin of 62.54% and a return on equity of 34.73%. The firm had revenue of $689.00 million during the quarter, compared to analyst estimates of $685.75 million. During the same quarter in the prior year, the business earned $2.48 earnings per share. The business’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities research analysts anticipate that Public Storage will post 10.73 EPS for the current fiscal year.

Several brokerages recently issued reports on PSA. ValuEngine upgraded shares of Public Storage from a “hold” rating to a “buy” rating in a report on Thursday, May 23rd. Bank of America set a $230.00 target price on shares of Public Storage and gave the stock a “hold” rating in a report on Friday, March 1st. Barclays reiterated a “hold” rating and issued a $215.00 price target on shares of Public Storage in a research report on Thursday, March 7th. KeyCorp upgraded shares of Public Storage from an “underweight” rating to a “sector weight” rating and set a $243.72 price target on the stock in a research report on Tuesday, June 11th. Finally, Jefferies Financial Group upgraded shares of Public Storage from an “underperform” rating to a “hold” rating and increased their price target for the stock from $181.00 to $201.00 in a research report on Tuesday, April 9th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Public Storage has an average rating of “Hold” and an average price target of $218.22.

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. At March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.

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Dividend History for Public Storage (NYSE:PSA)

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