Public Storage's Preferred Shares Series N Crosses Above 6.5% Yield Territory

Public Storage’s 3.875% cumulative preferred (PSA.PRN) was trading with an annualized dividend yield above 6.5%, based on a quarterly dividend annualized to $0.9688. Shares traded as low as $14.89 during the session, suggesting investors are pricing in a high current income yield. The note is primarily yield/price reporting with no indicated change to fundamentals.

Analysis

Public Storage’s 3.875% cumulative preferred (PSA.PRN) was trading with an annualized dividend yield above 6.5%, based on a quarterly dividend annualized to $0.9688. Shares traded as low as $14.89 during the session, suggesting investors are pricing in a high current income yield. The note is primarily yield/price reporting with no indicated change to fundamentals.