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Public Storage Shares Bought by Sequoia Financial Advisors

By MarketBeat News

Sequoia Financial Advisors LLC increased its stake in shares of Public Storage by 12.0% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,196 shares of the real estate investment trust’s stock after acquiring an additional 128 shares during the period. Sequoia Financial Advisors LLC’s holdings in Public Storage were worth $361,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in PSA. Natixis Advisors L.P. increased its holdings in shares of Public Storage by 12.3% in the fourth quarter. Natixis Advisors L.P. now owns 52,543 shares of the real estate investment trust’s stock valued at $14,722,000 after purchasing an additional 5,740 shares during the period. Hollencrest Capital Management purchased a new stake in shares of Public Storage in the fourth quarter valued at about $28,000. Gallacher Capital Management LLC acquired a new position in shares of Public Storage during the fourth quarter worth about $306,000. Wells Fargo & Company MN raised its holdings in Public Storage by 22.5% during the fourth quarter. Wells Fargo & Company MN now owns 324,205 shares of the real estate investment trust’s stock worth $90,839,000 after purchasing an additional 59,482 shares in the last quarter.

Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Public Storage by 30.3% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,326 shares of the real estate investment trust’s stock valued at $372,000 after purchasing an additional 308 shares during the period. Institutional investors and hedge funds own 79.05% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PSA. Truist Financial decreased their price target on Public Storage from $335.00 to $320.00 in a research note on Thursday, June 15th. Bank of America began coverage on shares of Public Storage in a research note on Monday, May 8th. They set a “buy” rating on the stock. 

StockNews.com assumed coverage on shares of Public Storage in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. lowered their target price on shares of Public Storage from $338.00 to $324.00 in a research report on Tuesday, June 13th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Public Storage currently has a consensus rating of “Hold” and an average target price of $334.86.

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, RV and boat storage facilities. March 31, 2023, the company  had: (i) interests in 2,877 self-storage facilities located in 40 states with approximately 205 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 266 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.

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