Public Storage (NYSE:PSA) Hits New 52-Week High After Dividend Announcement

Key Points

• Public Storage hit a 52-week high of $342.62 after announcing a $3-per-share dividend, equivalent to $12 annually and a 3.5% yield.
• Analysts’ average rating is Hold, with an average price target of $323.68—below the stock’s recent trading price.
• In its latest quarter, the REIT reported earnings per share of $1.69, missing the $2.49 consensus estimate, while revenue of $1.37 billion exceeded expectations.

Shares of Public Storage (NYSE:PSA - Get Free Report) hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as $342.62 and last traded at $341.2630, with a volume of 88,817 shares. The stock had previously closed at $333.39.The newly announced dividend which will be paid on Friday, January 8th. Shareholders of record on Tuesday, December 15th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $12.00 dividend on an annualized basis and a yield of 3.5%. Public Storage's dividend payout ratio (DPR) is 125.65%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Royal Bank Of Canada boosted their price target on Public Storage from $318.00 to $323.00 and gave the stock a "sector perform" rating in a research note on Wednesday, October 28th. Weiss Ratings downgraded Public Storage from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, October 8th. Raymond James Financial assumed coverage on Public Storage in a report on Thursday, July 16th. They set a "market perform" rating for the company. Wells Fargo & Company set a $311.00 target price on Public Storage in a research report on Tuesday, September 1st. Finally, Wall Street Zen lowered Public Storage from a "hold" rating to a "sell" rating in a report on Saturday. Seven investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of "Hold" and an average price target of $323.68.

Public Storage Price Performance

The company's 50-day moving average is $299.22 and its 200-day moving average is $303.28. The firm has a market capitalization of $63.19 billion, a price-to-earnings ratio of 35.42, a PEG ratio of 4.96 and a beta of 0.89. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.00 and a quick ratio of 1.00.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Monday, October 26th. The real estate investment trust reported $1.69 earnings per share for the quarter, missing the consensus estimate of $2.49 by ($0.80). The firm had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.34 billion. Public Storage had a return on equity of 29.93% and a net margin of 37.76%. The company's quarterly revenue was up .5% compared to the same quarter last year. During the same period last year, the business posted $4.31 earnings per share. On average, research analysts expect that Public Storage will post 16.97 earnings per share for the current year.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $327.53, for a total transaction of $463,127.42. The transaction was disclosed in a filing with the SEC, which is available through this link. 11.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Hohimer Wealth Management LLC raised its position in shares of Public Storage by 6.3% in the 3rd quarter. Hohimer Wealth Management LLC now owns 2,341 shares of the real estate investment trust's stock worth $662,000 after buying an additional 139 shares during the period. M Holdings Securities Inc. acquired a new position in Public Storage in the third quarter valued at $309,000. Brighton Jones LLC grew its position in Public Storage by 7.3% during the third quarter. Brighton Jones LLC now owns 2,045 shares of the real estate investment trust's stock valued at $578,000 after acquiring an additional 139 shares during the period. Candriam S.C.A. grew its position in Public Storage by 6.6% during the third quarter. Candriam S.C.A. now owns 21,427 shares of the real estate investment trust's stock valued at $6,083,000 after acquiring an additional 1,331 shares during the period. Finally, StoneX Group Inc. grew its position in Public Storage by 19.8% during the third quarter. StoneX Group Inc. now owns 2,219 shares of the real estate investment trust's stock valued at $661,000 after acquiring an additional 367 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

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.

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