Hsbc Holdings PLC Trims Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Hsbc Holdings PLC cut its stake in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 6.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 657,233 shares of the real estate investment trust's stock after selling 42,569 shares during the quarter. Hsbc Holdings PLC owned 0.31% of Extra Space Storage worth $98,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Golden State Wealth Management LLC bought a new stake in shares of Extra Space Storage during the 4th quarter worth $25,000. Harbour Investments Inc. raised its position in Extra Space Storage by 90.9% during the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 80 shares in the last quarter. Quent Capital LLC lifted its stake in Extra Space Storage by 89.0% during the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 154 shares during the last quarter. Asset Planning Inc purchased a new position in shares of Extra Space Storage in the 4th quarter worth about $52,000. Finally, Kestra Investment Management LLC bought a new position in shares of Extra Space Storage during the 4th quarter valued at about $54,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insider Activity at Extra Space Storage

In related news, Director Joseph J. Bonner sold 672 shares of the business's stock in a transaction that occurred on 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. The trade was a 12.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,392 shares of company stock valued at $1,392,315. 1.36% of the stock is owned by insiders.

Extra Space Storage Stock Up 0.7 %

Shares of NYSE:EXR traded up $0.98 during midday trading on Monday, reaching $142.03. The company's stock had a trading volume of 804,028 shares, compared to its average volume of 1,278,162. 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 firm has a 50 day moving average of $145.51 and a 200-day moving average of $154.10. The firm has a market capitalization of $30.14 billion, a P/E ratio of 37.18, a PEG ratio of 7.76 and a beta of 0.96. Extra Space Storage Inc. has a 12-month low of $121.03 and a 12-month high of $184.87.

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 for the quarter, beating analysts' consensus estimates of $1.10 by $0.93. The business had revenue of $821.90 million during the quarter, compared to the consensus estimate of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. On average, research analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date was Friday, March 14th. Extra Space Storage's payout ratio is 160.40%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on EXR shares. The Goldman Sachs Group reiterated a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Barclays decreased their target price 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 cut their price target for the company from $165.00 to $149.00 in a research report on Wednesday, April 9th. Wells Fargo & Company decreased their price objective on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Finally, Mizuho assumed coverage on Extra Space Storage in a research report on Wednesday, April 9th. They set an "outperform" rating and a $141.00 price target on the stock. Two research 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 stock. According to data from MarketBeat, the stock presently has a consensus 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.