Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. lowered its position in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 22.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,172,685 shares of the real estate investment trust's stock after selling 644,826 shares during the period. Extra Space Storage makes up about 1.4% of Diamond Hill Capital Management Inc.'s portfolio, making the stock its 27th largest position. Diamond Hill Capital Management Inc. owned approximately 1.02% of Extra Space Storage worth $325,034,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of EXR. Assetmark Inc. grew its position in shares of Extra Space Storage by 4.5% in the 3rd quarter. Assetmark Inc. now owns 6,413 shares of the real estate investment trust's stock worth $1,156,000 after buying an additional 277 shares during the last quarter. Axxcess Wealth Management LLC grew its position in Extra Space Storage by 18.9% during the 3rd quarter. Axxcess Wealth Management LLC now owns 1,538 shares of the real estate investment trust's stock worth $277,000 after purchasing an additional 244 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Extra Space Storage during the 3rd quarter worth approximately $33,000. Aptus Capital Advisors LLC grew its position in Extra Space Storage by 5.5% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,570 shares of the real estate investment trust's stock worth $283,000 after purchasing an additional 82 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Extra Space Storage by 17.8% during the 3rd quarter. Victory Capital Management Inc. now owns 167,257 shares of the real estate investment trust's stock worth $30,138,000 after purchasing an additional 25,321 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

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Extra Space Storage Price Performance

NYSE:EXR traded up $1.22 during trading hours on Tuesday, reaching $147.85. 1,336,581 shares of the company were exchanged, compared to its average volume of 1,003,138. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The stock's 50-day moving average is $152.90 and its 200-day moving average is $161.80. The firm has a market cap of $31.34 billion, a PE ratio of 38.70, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $821.90 million during the quarter, compared to analysts' expectations of $707.34 million. On average, sell-side analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date is Friday, March 14th. Extra Space Storage's payout ratio is 160.40%.

Insider Transactions at Extra Space Storage

In related news, Director Joseph J. Bonner sold 672 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares of the company's stock, valued at approximately $679,448.70. This represents a 12.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP William N. Springer sold 1,220 shares of the company's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the completion of the sale, the executive vice president now directly owns 20,158 shares of the company's stock, valued at $3,077,320.28. This represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,392 shares of company stock valued at $1,396,515 over the last 90 days. 1.36% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Scotiabank dropped their target price on shares of Extra Space Storage from $167.00 to $165.00 and set a "sector perform" rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company decreased their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Royal Bank of Canada decreased their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating for the company in a research note on Thursday, February 27th. Finally, StockNews.com cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Friday, March 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $171.09.

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.