Fmr LLC Sells 955,472 Shares of Extra Space Storage Inc. (NYSE:EXR)

FMR LLC decreased its position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 47.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,076,928 shares of the real estate investment trust's stock after selling 955,472 shares during the period. FMR LLC owned approximately 0.51% of Extra Space Storage worth $161,108,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of EXR. Tidal Investments LLC boosted its position in Extra Space Storage by 34.4% in the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust's stock valued at $2,278,000 after buying an additional 3,234 shares in the last quarter. Manning & Napier Advisors LLC increased its holdings in Extra Space Storage by 1,127.2% in the 4th quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust's stock worth $116,985,000 after purchasing an additional 718,266 shares in the last quarter. Vert Asset Management LLC raised its position in Extra Space Storage by 8.0% in the fourth quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust's stock valued at $13,984,000 after purchasing an additional 6,910 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Extra Space Storage by 134.3% during the fourth quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust's stock worth $25,093,000 after purchasing an additional 96,136 shares during the last quarter. Finally, Brentview Investment Management LLC acquired a new position in shares of Extra Space Storage in the fourth quarter valued at approximately $2,852,000. Institutional investors and hedge funds own 99.11% of the company's stock.

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Extra Space Storage Stock Performance

EXR traded up $2.98 during trading on Thursday, hitting $141.20. 362,463 shares of the company traded hands, compared to its average volume of 1,066,086. The stock's fifty day moving average is $147.56 and its 200 day moving average is $155.95. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a one year low of $121.03 and a one year high of $184.87. The firm has a market cap of $29.97 billion, a P/E ratio of 36.99, a price-to-earnings-growth ratio of 7.76 and a beta of 0.96.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.93. The business had revenue of $821.90 million during the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. As a group, equities analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $1.62 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.59%. Extra Space Storage's dividend payout ratio is 160.40%.

Insider Buying and Selling at Extra Space Storage

In related news, Director Joseph J. Bonner sold 672 shares of the 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 transaction, the director now directly owns 4,557 shares in the company, valued at $679,448.70. This trade represents a 12.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the sale, the chief executive officer now directly owns 9,190 shares in the company, valued at $1,355,065.50. The trade was a 44.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,392 shares of company stock valued at $1,392,315. 1.36% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on EXR shares. Mizuho initiated coverage on shares of Extra Space Storage in a report on Wednesday, April 9th. They set an "outperform" rating and a $141.00 target price on the stock. Barclays dropped their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 12th. Scotiabank upgraded shares of Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and dropped their target price for the company from $165.00 to $149.00 in a report on Wednesday, April 9th. Royal Bank of Canada reduced 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 report on Thursday, February 27th. Finally, StockNews.com downgraded Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Extra Space Storage presently has an average rating of "Hold" and an average price target of $167.25.

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.