Fmr LLC Lowers Position in Extra Space Storage Inc. (NYSE:EXR)

FMR LLC lowered its position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 34.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,032,400 shares of the real estate investment trust's stock after selling 1,045,330 shares during the period. FMR LLC owned approximately 0.96% of Extra Space Storage worth $366,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. EdgeRock Capital LLC purchased a new position in shares of Extra Space Storage during the 2nd quarter worth $25,000. Centerpoint Advisors LLC purchased a new position in Extra Space Storage during the second quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage during the third quarter valued at about $33,000. Blue Trust Inc. raised its stake in shares of Extra Space Storage by 540.5% in the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust's stock valued at $35,000 after acquiring an additional 200 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Extra Space Storage in the 3rd quarter worth approximately $42,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insider Transactions at Extra Space Storage

In other news, 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,228 shares of company stock worth $3,023,957. Corporate insiders own 1.36% of the company's stock.

Analyst Upgrades and Downgrades

EXR has been the topic of a number of research analyst reports. 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. Jefferies Financial Group raised Extra Space Storage from a "hold" rating to a "buy" rating and increased their target price for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. Evercore ISI dropped their target price on Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating for the company in a research report on Monday, October 14th. Wells Fargo & Company reissued an "equal weight" rating and issued a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Finally, Bank of America downgraded shares of Extra Space Storage from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $171.36.

Extra Space Storage Stock Down 1.0 %

Shares of NYSE:EXR traded down $1.72 on Friday, hitting $170.96. 1,273,975 shares of the company's stock were exchanged, compared to its average volume of 852,595. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage Inc. has a 1-year low of $129.23 and a 1-year high of $184.87. The company has a market capitalization of $36.24 billion, a PE ratio of 44.75, a P/E/G ratio of 8.61 and a beta of 0.87. The firm's 50-day moving average is $169.64 and its 200 day moving average is $164.51.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced 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). The business had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $2.02 earnings per share. Sell-side analysts predict that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Monday, December 16th. Extra Space Storage's payout ratio is 169.63%.

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.