Carnegie Investment Counsel Purchases New Shares in Extra Space Storage Inc. (NYSE:EXR)

Carnegie Investment Counsel acquired a new stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,780 shares of the real estate investment trust's stock, valued at approximately $266,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new stake in shares of Extra Space Storage in the third quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd bought a new position in shares of Extra Space Storage during the 3rd quarter worth $42,000. Continuum Advisory LLC increased its stake in shares of Extra Space Storage by 68.1% during the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust's stock valued at $56,000 after buying an additional 126 shares during the period. Sunbelt Securities Inc. raised its holdings in shares of Extra Space Storage by 441.2% in the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust's stock valued at $96,000 after acquiring an additional 503 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Extra Space Storage in the third quarter worth about $129,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the transaction, the chief executive officer now owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Diane Olmstead sold 3,081 shares of the company's stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now owns 5,877 shares in the company, valued at $967,119.12. The trade was a 34.39 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.

Wall Street Analyst Weigh In

EXR has been the subject of several recent research reports. Barclays reduced their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an "overweight" rating for the company in a report on Monday, January 13th. StockNews.com lowered Extra Space Storage from a "hold" rating to a "sell" rating in a report on Thursday, October 31st. Truist Financial lifted their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a "hold" rating in a report on Thursday, December 5th. Wells Fargo & Company restated an "equal weight" rating and set a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Finally, Evercore ISI reduced their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating for the company in a report on Monday, October 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Extra Space Storage has a consensus rating of "Hold" and an average target price of $171.25.

Extra Space Storage Stock Performance

NYSE:EXR traded down $0.85 during trading hours on Monday, hitting $150.75. 1,183,666 shares of the company were exchanged, compared to its average volume of 882,980. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage Inc. has a 52-week low of $131.02 and a 52-week high of $184.87. The stock has a market capitalization of $31.96 billion, a price-to-earnings ratio of 39.46, a PEG ratio of 7.18 and a beta of 0.91. The company's 50 day moving average price is $156.95 and its 200-day moving average price is $164.96.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.03 by ($1.12). The company had revenue of $824.80 million for the quarter, compared to analysts' expectations of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Extra Space Storage's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $2.02 earnings per share. As a group, research analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage's dividend payout ratio (DPR) is 169.63%.

Extra Space Storage 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.