Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Adelante Capital Management LLC

Adelante Capital Management LLC trimmed its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 94.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,836 shares of the real estate investment trust's stock after selling 270,813 shares during the quarter. Adelante Capital Management LLC's holdings in Extra Space Storage were worth $2,673,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. EdgeRock Capital LLC purchased a new position in shares of Extra Space Storage during the 2nd quarter valued at $25,000. Centerpoint Advisors LLC purchased a new position in shares of Extra Space Storage in the second quarter valued at about $27,000. Ashton Thomas Securities LLC bought a new position in shares of Extra Space Storage in the third quarter worth about $33,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Extra Space Storage during the third quarter worth about $42,000. Finally, Blue Trust Inc. raised its stake in Extra Space Storage by 540.5% during the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 200 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on EXR shares. StockNews.com lowered shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Thursday, October 31st. Royal Bank of Canada assumed coverage on Extra Space Storage in a report on Tuesday, September 10th. They issued a "sector perform" rating and a $180.00 target price on the stock. Bank of America cut Extra Space Storage from a "neutral" rating to an "underperform" rating and cut their price target for the company from $172.00 to $155.00 in a report on Monday, August 5th. Barclays lifted their price objective on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an "overweight" rating in a research note on Monday, October 28th. Finally, Truist Financial boosted their target price on Extra Space Storage from $152.00 to $167.00 and gave the company a "hold" rating in a research report on Friday, August 16th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $171.36.

Extra Space Storage Trading Down 1.0 %

Shares of NYSE EXR traded down $1.72 during trading hours on Friday, reaching $170.96. The stock had a trading volume of 1,273,975 shares, compared to its average volume of 852,595. The business's fifty day moving average price is $169.64 and its two-hundred day moving average price is $164.42. The firm has a market cap of $36.24 billion, a price-to-earnings ratio of 44.75, a P/E/G ratio of 8.61 and a beta of 0.87. Extra Space Storage Inc. has a 52-week low of $129.23 and a 52-week high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same period in the previous year, the company posted $2.02 EPS. Extra Space Storage's quarterly revenue was up 10.2% compared to the same quarter last year. Analysts expect that Extra Space Storage Inc. will post 8.09 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be given a $1.62 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.79%. Extra Space Storage's payout ratio is presently 169.63%.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. The trade was a 23.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now owns 404,306 shares of the company's stock, valued at approximately $71,655,152.38. This trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,228 shares of company stock worth $3,023,957. Corporate insiders own 1.36% of the company's stock.

Extra Space Storage Company Profile

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.