Envestnet Asset Management Inc. cut its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 8.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 266,879 shares of the real estate investment trust's stock after selling 24,959 shares during the quarter. Envestnet Asset Management Inc. owned 0.13% of Extra Space Storage worth $39,925,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in EXR. Norges Bank bought a new stake in Extra Space Storage during the fourth quarter worth about $938,647,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Extra Space Storage by 3.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust's stock valued at $458,520,000 after purchasing an additional 104,986 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Extra Space Storage by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust's stock worth $360,436,000 after buying an additional 43,223 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Extra Space Storage by 5.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,127,067 shares of the real estate investment trust's stock worth $318,209,000 after buying an additional 106,608 shares during the last quarter. Finally, Boston Partners grew its position in Extra Space Storage by 5.9% in the fourth quarter. Boston Partners now owns 1,466,816 shares of the real estate investment trust's stock valued at $219,437,000 after acquiring an additional 82,104 shares during the last quarter. Institutional investors own 99.11% of the company's stock.
Insider Activity
In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the sale, the chief executive officer now owns 9,190 shares in the company, valued at approximately $1,355,065.50. This represents a 44.94 % 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 this link. Also, EVP William N. Springer sold 1,220 shares of the firm'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 sale, the executive vice president now owns 20,158 shares of the company's stock, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,392 shares of company stock valued at $1,392,315. Company insiders own 1.36% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Scotiabank upgraded Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and reduced their target price for the company from $165.00 to $149.00 in a report on Wednesday, April 9th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. StockNews.com downgraded shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Friday, March 7th. Finally, Barclays lowered their price objective on Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating for the company in a research report on Wednesday, March 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $167.25.
View Our Latest Analysis on Extra Space Storage
Extra Space Storage Price Performance
NYSE:EXR traded up $3.16 during trading hours on Thursday, hitting $141.38. 150,717 shares of the company's stock traded hands, compared to its average volume of 1,065,206. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The business's fifty day simple moving average is $147.56 and its two-hundred day simple moving average is $155.95. The firm has a market cap of $30.00 billion, a P/E ratio of 37.08, a P/E/G ratio of 7.76 and a beta of 0.96. Extra Space Storage Inc. has a 52 week low of $121.03 and a 52 week high of $184.87.
Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $821.90 million for the quarter, compared to analysts' expectations of $707.34 million. On average, research 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 disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.58%. The ex-dividend date was Friday, March 14th. Extra Space Storage's dividend payout ratio (DPR) is currently 160.40%.
Extra Space Storage Profile
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Free Report)
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.
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