Public Storage (PSA) Declares $3.00 Dividend
Public Storage said on February 5, 2023 that its board of directors declared a regular quarterly dividend of $3.00 per share ($12.00 annualized). Shareholders of record as of March 14, 2023 will receive the payment on March 30, 2023. Previously, the company paid $2.00 per share.
At the current share price of $302.00 / share, the stock's dividend yield is 3.97%. Looking back five years and taking a sample every week, the average dividend yield has been 3.29%, the lowest has been 1.95%, and the highest has been 4.98%. The standard deviation of yields is 0.65 (n=237).
The current dividend yield is 1.06 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.31. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
Analyst Price Forecast Suggests 14.22% Upside
As of February 9, 2023, the average one-year price target for Public Storage is $344.95. The forecasts range from a low of $284.82 to a high of $420.00. The average price target represents an increase of 14.22% from its latest reported closing price of $302.00.
The projected annual revenue for Public Storage is $4,493MM, an increase of 10.37%. The projected annual EPS is $11.77, a decrease of 52.48%.
What is the Fund Sentiment?
There are 1867 funds or institutions reporting positions in Public Storage. This is a decrease of 27 owner(s) or 1.43% in the last quarter. Average portfolio weight of all funds dedicated to PSA is 0.61%, an increase of 4.08%. Total shares owned by institutions increased in the last three months by 1.08% to 157,245K shares. The put/call ratio of PSA is 0.89, indicating a bullish outlook.
What are large shareholders doing?
Cohen & Steers holds 9,943K shares representing 5.66% ownership of the company. In it's prior filing, the firm reported owning 10,775K shares, representing a decrease of 8.36%. The firm decreased its portfolio allocation in PSA by 1.57% over the last quarter.
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 7,163K shares representing 4.08% ownership of the company. In it's prior filing, the firm reported owning 7,229K shares, representing a decrease of 0.92%. The firm increased its portfolio allocation in PSA by 13.24% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 4,455K shares representing 2.54% ownership of the company. In it's prior filing, the firm reported owning 4,393K shares, representing an increase of 1.38%. The firm decreased its portfolio allocation in PSA by 1.02% over the last quarter.
Wellington Management Group Llp holds 4,333K shares representing 2.47% ownership of the company. In it's prior filing, the firm reported owning 4,359K shares, representing a decrease of 0.59%. The firm decreased its portfolio allocation in PSA by 1.54% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 3,581K shares representing 2.04% ownership of the company. In it's prior filing, the firm reported owning 3,380K shares, representing an increase of 5.63%. The firm increased its portfolio allocation in PSA by 2.61% over the last quarter.
Public Storage Background Information
(This description is provided by the company.)
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 December 31, 2020, The Company had: interests in 2,548 self-storage facilities located in 38 states with approximately 175 million net rentable square feet in the United States, an approximate 35% common equity interest in Shurgard Self Storage SA which owned 241 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the 'Shurgard' brand and an approximate 42% common equity interest in PS Business Parks, Inc. which owned and operated approximately 28 million rentable square feet of commercial space at December 31, 2020. Its headquarters are located in Glendale, California.
This story originally appeared on Fintel.