Gateway Investment Advisers LLC Lowers Holdings in Extra Space Storage Inc. (NYSE:EXR)

Gateway Investment Advisers LLC decreased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 19.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,227 shares of the real estate investment trust's stock after selling 19,347 shares during the period. Gateway Investment Advisers LLC's holdings in Extra Space Storage were worth $12,152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new stake in Extra Space Storage in the 3rd quarter worth about $33,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Extra Space Storage in the third quarter valued at approximately $42,000. Continuum Advisory LLC boosted its stake in shares of Extra Space Storage by 68.1% in the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust's stock worth $56,000 after acquiring an additional 126 shares during the last quarter. Sunbelt Securities Inc. boosted its stake in shares of Extra Space Storage by 441.2% in the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust's stock worth $96,000 after acquiring an additional 503 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in shares of Extra Space Storage during the third quarter worth approximately $129,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares of the company's stock, valued at $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.36% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Evercore ISI decreased their price objective on Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating on the stock in a report on Monday, October 14th. Scotiabank raised shares of Extra Space Storage from a "sector underperform" rating to a "sector perform" rating and set a $167.00 price target on the stock in a research note on Friday, January 10th. StockNews.com cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Thursday, October 31st. Truist Financial increased their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a "hold" rating in a report on Thursday, December 5th. Finally, Barclays lowered their target price on Extra Space Storage from $192.00 to $184.00 and set an "overweight" rating on the stock in a report on Monday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Extra Space Storage currently has a consensus rating of "Hold" and an average price target of $171.25.

Extra Space Storage Trading Down 0.6 %

Extra Space Storage stock traded down $0.85 during mid-day trading on Friday, hitting $150.75. The company's stock had a trading volume of 1,183,666 shares, compared to its average volume of 1,133,079. The stock's fifty day moving average is $157.58 and its two-hundred day moving average is $164.84. 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 firm has a market capitalization of $31.96 billion, a PE ratio of 39.46, a price-to-earnings-growth ratio of 7.18 and a beta of 0.91. Extra Space Storage Inc. has a 1 year low of $131.02 and a 1 year high of $184.87.

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 EPS for the quarter, missing the consensus estimate 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% on a year-over-year basis. During the same period last year, the company earned $2.02 EPS. On average, analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage's dividend payout ratio is presently 169.63%.

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.