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.
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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