Public Storage (NYSE:PSA) Announces Quarterly Dividend of $3.00

Key Points

• Public Storage declared a $3.00 quarterly dividend, payable January 8 to shareholders of record December 15. The annualized dividend is $12.00 per share, a 3.6% yield.
• The dividend currently exceeds earnings, with a 113.1% payout ratio, but analysts expect next year’s earnings to bring the projected payout ratio down to 68.8%.
• In its latest quarter, Public Storage reported $1.69 in EPS, missing the $2.49 consensus estimate, while revenue of $1.37 billion topped expectations and rose 0.5% year over year.

Public Storage (NYSE:PSA - Get Free Report) declared a quarterly dividend on Tuesday, November 3rd. Investors of record on Tuesday, December 15th will be paid a dividend of $3.00 per share by the real estate investment trust on Friday, January 8th. This represents a $12.00 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, December 15th.

Public Storage has raised its dividend by an average of 0.1% annually over the last three years. Public Storage has a payout ratio of 113.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Public Storage to earn $17.43 per share next year, which means the company should continue to be able to cover its $12.00 annual dividend with an expected future payout ratio of 68.8%.

Public Storage Trading Down 0.1%

Shares of NYSE:PSA opened at $333.06 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.16. Public Storage has a 12-month low of $256.54 and a 12-month high of $335.55. The business has a 50 day moving average of $299.22 and a two-hundred day moving average of $303.28. The company has a market capitalization of $62.23 billion, a PE ratio of 34.88, a PEG ratio of 4.96 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings data on Monday, October 26th. The real estate investment trust reported $1.69 EPS for the quarter, missing analysts' consensus estimates of $2.49 by ($0.80). The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.34 billion. Public Storage had a return on equity of 29.93% and a net margin of 37.76%. Public Storage's revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.31 EPS. As a group, analysts forecast that Public Storage will post 16.97 EPS for the current year.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 1,414 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $327.53, for a total value of $463,127.42. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 11.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Hsbc Holdings PLC purchased a new position in Public Storage during the second quarter worth about $195,808,000. Nykredit A S acquired a new stake in Public Storage in the 2nd quarter worth about $17,378,000. PensionDanmark Pensionsforsikringsaktieselskab boosted its stake in Public Storage by 15.6% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 26,610 shares of the real estate investment trust's stock worth $8,470,000 after buying an additional 3,588 shares during the last quarter. Greenland Capital Management LP boosted its stake in Public Storage by 300.0% in the 2nd quarter. Greenland Capital Management LP now owns 6,600 shares of the real estate investment trust's stock worth $2,101,000 after buying an additional 4,950 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its holdings in Public Storage by 25.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 16,577 shares of the real estate investment trust's stock valued at $5,277,000 after buying an additional 3,343 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

About Public Storage

Public Storage NYSE: PSA is a real estate investment trust focused on the ownership, operation and development of self-storage facilities. The company rents storage units to residential and business customers, offering solutions for household belongings, commercial inventory, records, vehicles and other personal property. Many locations provide features such as climate-controlled units, electronic access, online reservations and moving and packing supplies.

Founded in 1972, Public Storage has grown into one of the largest self-storage operators in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.