Barrow Hanley Mewhinney & Strauss LLC Lowers Holdings in Public Storage (NYSE:PSA)

Barrow Hanley Mewhinney & Strauss LLC lowered its position in shares of Public Storage (NYSE:PSA) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,706,632 shares of the real estate investment trust’s stock after selling 35,425 shares during the quarter. Public Storage accounts for 1.7% of Barrow Hanley Mewhinney & Strauss LLC’s investment portfolio, making the stock its 16th largest holding. Barrow Hanley Mewhinney & Strauss LLC owned 0.97% of Public Storage worth $511,034,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PSA. Norges Bank acquired a new position in Public Storage during the fourth quarter worth $931,286,000. Adelante Capital Management LLC raised its stake in shares of Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after buying an additional 1,164,630 shares during the last quarter. Amundi boosted its position in shares of Public Storage by 54.0% in the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock worth $230,426,000 after buying an additional 273,486 shares in the last quarter. Aew Capital Management L P grew its stake in Public Storage by 108.6% in the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock valued at $131,574,000 after acquiring an additional 228,740 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in Public Storage during the fourth quarter worth about $66,253,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE:PSA opened at $294.25 on Friday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The firm’s 50 day moving average is $299.91 and its two-hundred day moving average is $320.03. The company has a market cap of $51.62 billion, a P/E ratio of 30.56, a P/E/G ratio of 4.91 and a beta of 0.73. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.08%. Public Storage’s dividend payout ratio is currently 112.89%.

Analysts Set New Price Targets

Several research firms have recently commented on PSA. Scotiabank lowered their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Truist Financial dropped their price target on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Royal Bank of Canada decreased their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $338.73.

Public Storage Company 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.