Barrow Hanley Mewhinney & Strauss LLC Has $434.77 Million Stake in Public Storage (NYSE:PSA)

Barrow Hanley Mewhinney & Strauss LLC cut its position in Public Storage (NYSE:PSA) by 2.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,511,441 shares of the real estate investment trust’s stock after selling 33,496 shares during the quarter. Public Storage accounts for about 1.5% of Barrow Hanley Mewhinney & Strauss LLC’s portfolio, making the stock its 27th largest holding. Barrow Hanley Mewhinney & Strauss LLC owned about 0.86% of Public Storage worth $434,766,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Gryphon Financial Partners LLC raised its position in Public Storage by 2.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after purchasing an additional 38 shares in the last quarter. Signet Financial Management LLC raised its holdings in shares of Public Storage by 2.1% during the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after buying an additional 39 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Public Storage by 0.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after buying an additional 39 shares during the last quarter. Brookstone Capital Management boosted its stake in Public Storage by 3.4% in the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after buying an additional 40 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC grew its position in Public Storage by 3.5% in the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after acquiring an additional 42 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Public Storage stock opened at $361.72 on Friday. The firm has a market cap of $63.56 billion, a P/E ratio of 32.85, a P/E/G ratio of 5.12 and a beta of 0.67. The stock’s 50 day moving average is $326.92 and its 200 day moving average is $295.74. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a one year low of $233.18 and a one year high of $366.29.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company posted $4.28 earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, research analysts expect that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Barclays raised their price target on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Wells Fargo & Company upped their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research note on Thursday, August 1st. Finally, Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $339.08.

Public Storage Profile

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, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.