Tower Research Capital LLC TRC trimmed its stake in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 53.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,280 shares of the real estate investment trust's stock after selling 8,280 shares during the quarter. Tower Research Capital LLC TRC's holdings in Extra Space Storage were worth $1,089,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in EXR. Cohen & Steers Inc. lifted its position in shares of Extra Space Storage by 5.9% during the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after purchasing an additional 516,941 shares during the last quarter. Norges Bank bought a new position in Extra Space Storage during the 4th quarter worth approximately $938,647,000. Dimensional Fund Advisors LP grew its position in shares of Extra Space Storage by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock worth $469,229,000 after acquiring an additional 24,533 shares in the last quarter. Massachusetts Financial Services Co. MA increased 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 acquiring an additional 104,986 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Extra Space Storage by 3.5% during the 4th quarter. Invesco Ltd. now owns 2,575,742 shares of the real estate investment trust's stock valued at $385,331,000 after acquiring an additional 87,354 shares in the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
EXR has been the subject of several recent research reports. The Goldman Sachs Group reiterated a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Royal Bank of Canada cut their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating on the stock in a report on Thursday, February 27th. StockNews.com lowered Extra Space Storage from a "hold" rating to a "sell" rating in a report on Friday, March 7th. Wells Fargo & Company cut their price target 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, Scotiabank upgraded Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and lowered their price objective for the stock from $165.00 to $149.00 in a research note on Wednesday, April 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $167.25.
Get Our Latest Report on EXR
Extra Space Storage Stock Performance
Shares of EXR traded up $0.98 during trading hours on Monday, reaching $142.03. 804,134 shares of the company's stock traded hands, compared to its average volume of 1,061,298. Extra Space Storage Inc. has a twelve month low of $121.03 and a twelve month high of $184.87. The business's fifty day simple moving average is $145.51 and its two-hundred day simple moving average is $154.10. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The firm has a market capitalization of $30.14 billion, a price-to-earnings ratio of 37.18, a P/E/G 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 analysts' consensus estimates of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $821.90 million during the quarter, compared to analyst estimates of $707.34 million. Analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.
Extra Space Storage Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 dividend on an annualized basis and a yield of 4.56%. Extra Space Storage's dividend payout ratio (DPR) is 160.40%.
Insider Buying and Selling at Extra Space Storage
In other news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares of the company's stock, valued at $3,077,320.28. The trade was a 5.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were 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 of the company's stock, 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 sold 9,392 shares of company stock valued at $1,392,315. 1.36% of the stock is owned by corporate insiders.
Extra Space Storage Profile
(
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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