Fintel reports that on September 27, 2023, Goldman Sachs reiterated coverage of Public Storage. (NYSE:PSA) with a Buy recommendation.
Analyst Price Forecast Suggests 30.97% Upside
As of August 31, 2023, the average one-year price target for Public Storage. is 345.67. The forecasts range from a low of 308.05 to a high of $385.35. The average price target represents an increase of 30.97% from its latest reported closing price of 263.92.
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The projected annual revenue for Public Storage. is 4,493MM, an increase of 1.62%. The projected annual non-GAAP EPS is 11.77.
Public Storage. Declares $3.00 Dividend
On August 2, 2023 the company declared a regular quarterly dividend of $3.00 per share ($12.00 annualized). Shareholders of record as of September 13, 2023 will receive the payment on September 28, 2023. Previously, the company paid $3.00 per share.
At the current share price of $263.92 / share, the stock’s dividend yield is 4.55%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.32%, the lowest has been 1.95%, and the highest has been 4.98%. The standard deviation of yields is 0.69 (n=236).
The current dividend yield is 1.78 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.49. 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’s 3-Year dividend growth rate is 0.50%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1874 funds or institutions reporting positions in Public Storage.. This is a decrease of 17 owner(s) or 0.90% in the last quarter. Average portfolio weight of all funds dedicated to PSA is 0.54%, a decrease of 9.53%. Total shares owned by institutions increased in the last three months by 0.89% to 161,543K shares. The put/call ratio of PSA is 0.74, indicating a bullish outlook.
What are Other Shareholders Doing?
Capital International Investors holds 7,505K shares representing 4.27% ownership of the company. In it’s prior filing, the firm reported owning 5,467K shares, representing an increase of 27.16%. The firm increased its portfolio allocation in PSA by 24.38% over the last quarter.
VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 6,947K shares representing 3.95% ownership of the company. In it’s prior filing, the firm reported owning 7,045K shares, representing a decrease of 1.42%. The firm increased its portfolio allocation in PSA by 5.85% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 4,928K shares representing 2.80% ownership of the company. In it’s prior filing, the firm reported owning 4,624K shares, representing an increase of 6.18%. The firm decreased its portfolio allocation in PSA by 5.00% over the last quarter.
Wellington Management Group Llp holds 4,451K shares representing 2.53% ownership of the company. In it’s prior filing, the firm reported owning 4,430K shares, representing an increase of 0.49%. The firm decreased its portfolio allocation in PSA by 7.36% over the last quarter.
Price T Rowe Associates holds 4,090K shares representing 2.33% ownership of the company. In it’s prior filing, the firm reported owning 2,756K shares, representing an increase of 32.63%. The firm increased its portfolio allocation in PSA by 201.12% 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 article originally appeared on Fintel
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