National Storage Affiliates Trust (NSA) increased its quarterly cash dividend by 8.6% to $0.38 per share. NSA is a real estate investment trust engaged in the ownership, operation, and acquisition of self-storage properties in the United States.
The dividend is payable on June 30 to shareholders of record on June 15. The company’s annual dividend of $1.52 per share reflects a dividend yield of 3.3%.
The company also announced a dividend of $0.375 per share on the company’s 6% Series A Cumulative Redeemable Preferred Shares. (See National Storage Affiliates stock analysis on TipRanks)
On May 4, NSA reported strong Q1 results. The company’s funds from operations (FFO) of $0.49 per share increased 22.5% year-over-year and earnings of $0.19 per share increased 217% from the prior-year period.
Following the solid Q1 results, Wells Fargo analyst Todd Stender maintained a Buy rating on the stock and lifted the price target to $52 (from $45), which implies 12.8% upside potential.
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 4 Buys and 2 Holds. The average analyst price target of $47.67 implies 3.4% upside potential to current levels. Shares have gained 50.5% over the past year.
According to TipRanks’ Smart Score system, NSA gets a 6 out of 10, which indicates that the stock is likely to perform in line with market averages.
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