Citigroup Inc. Lowers Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Citigroup Inc. lessened its stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 35.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 142,409 shares of the real estate investment trust's stock after selling 78,591 shares during the period. Citigroup Inc. owned 0.07% of Extra Space Storage worth $25,661,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Graypoint LLC raised its holdings in shares of Extra Space Storage by 4.3% in the 3rd 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 in the last quarter. Hummer Financial Advisory Services Inc grew its position in Extra Space Storage by 1.2% during the 3rd quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust's stock worth $1,067,000 after purchasing an additional 70 shares during the last quarter. Buckley Wealth Management LLC boosted its holdings in shares of Extra Space Storage by 1.9% in the 3rd quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust's stock valued at $687,000 after acquiring an additional 71 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Extra Space Storage by 19.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust's stock valued at $72,000 after acquiring an additional 76 shares during the last quarter. Finally, Bleakley Financial Group LLC boosted its holdings in shares of Extra Space Storage by 4.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust's stock valued at $356,000 after acquiring an additional 77 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Extra Space Storage Price Performance

Shares of NYSE EXR traded up $1.27 during mid-day trading on Tuesday, reaching $171.68. The company's stock had a trading volume of 623,437 shares, compared to its average volume of 1,030,327. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The stock has a market capitalization of $36.39 billion, a P/E ratio of 44.94, a P/E/G ratio of 8.47 and a beta of 0.87. The stock has a 50-day moving average of $170.15 and a two-hundred day moving average of $164.03. Extra Space Storage Inc. has a 1-year low of $125.82 and a 1-year high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced 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). The company had revenue of $824.80 million for the quarter, compared to analysts' expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business earned $2.02 EPS. On average, equities research analysts anticipate that Extra Space Storage Inc. will post 8.09 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage's dividend payout ratio (DPR) is presently 169.63%.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares of the company's stock, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the firm's stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares in the company, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,228 shares of company stock valued at $3,374,617 over the last 90 days. 1.36% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

EXR has been the topic of several recent research reports. Barclays upped their price objective on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Royal Bank of Canada started coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They issued a "sector perform" rating and a $180.00 price objective on the stock. Jefferies Financial Group upgraded shares of Extra Space Storage from a "hold" rating to a "buy" rating and boosted their target price for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. StockNews.com cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Thursday, October 31st. Finally, Scotiabank decreased their target price on shares of Extra Space Storage from $169.00 to $167.00 and set a "sector underperform" rating for the company in a research note on Monday. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $171.36.

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.