Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Covestor Ltd

Covestor Ltd lowered its stake in Extra Space Storage Inc. (NYSE:EXR) by 11.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 861 shares of the real estate investment trust’s stock after selling 115 shares during the period. Covestor Ltd’s holdings in Extra Space Storage were worth $155,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Graypoint LLC increased its holdings in shares of Extra Space Storage by 4.3% in the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock valued at $284,000 after purchasing an additional 65 shares during the period. Hummer Financial Advisory Services Inc grew its holdings in Extra Space Storage by 1.2% during the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after acquiring an additional 70 shares during the period. Buckley Wealth Management LLC grew its holdings in Extra Space Storage by 1.9% during the third quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock worth $687,000 after acquiring an additional 71 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in Extra Space Storage by 19.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock worth $72,000 after acquiring an additional 76 shares during the period. Finally, Bleakley Financial Group LLC grew its holdings in Extra Space Storage by 4.1% during the third quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock worth $356,000 after acquiring an additional 77 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

Analysts Set New Price Targets

EXR has been the topic of a number of recent analyst reports. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and upped their price objective for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Raymond James boosted their target price on Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Barclays boosted their target price on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $172.00 to $155.00 in a research report on Monday, August 5th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $171.50.

Extra Space Storage Stock Performance

NYSE EXR opened at $165.48 on Tuesday. The business’s 50-day moving average price is $172.62 and its 200 day moving average price is $161.82. Extra Space Storage Inc. has a twelve month low of $116.23 and a twelve month high of $184.87. The company has a market capitalization of $35.08 billion, a PE ratio of 43.32, a price-to-earnings-growth ratio of 6.31 and a beta of 0.87. The company has a current ratio of 0.23, a quick ratio of 0.20 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. During the same quarter last year, the company posted $2.02 earnings per share. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts predict that Extra Space Storage Inc. will post 8.08 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $1.62 per share. The ex-dividend date was Monday, September 16th. This represents a $6.48 annualized dividend and a yield of 3.92%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Insiders Place Their Bets

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the completion of the sale, the executive vice president now directly owns 32,855 shares in the company, valued at $5,815,663.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the sale, the executive vice president now directly owns 32,855 shares in the company, valued at approximately $5,815,663.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP William N. Springer sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the sale, the executive vice president now owns 11,919 shares in the company, valued at approximately $2,089,758.27. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,970 shares of company stock worth $3,367,307 over the last three months. 1.36% of the stock is owned by insiders.

About Extra Space Storage

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.