Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC cut its stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 89.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,437 shares of the real estate investment trust's stock after selling 84,802 shares during the quarter. Verition Fund Management LLC's holdings in Extra Space Storage were worth $1,881,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. EdgeRock Capital LLC purchased a new stake in shares of Extra Space Storage during the second quarter worth $25,000. Centerpoint Advisors LLC acquired a new position in Extra Space Storage during the second quarter worth about $27,000. Ashton Thomas Securities LLC purchased a new stake in Extra Space Storage during the 3rd quarter valued at about $33,000. Blue Trust Inc. raised its holdings in 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 last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in Extra Space Storage in the 3rd quarter worth approximately $42,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, the chief executive officer now owns 24,190 shares of the company's stock, valued at approximately $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of the firm's stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now owns 5,877 shares in the company, valued at $967,119.12. This represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,228 shares of company stock valued at $3,023,957 in the last ninety days. Insiders own 1.36% of the company's stock.

Extra Space Storage Stock Down 0.1 %

EXR stock traded down $0.10 during mid-day trading on Friday, reaching $163.54. The company had a trading volume of 632,686 shares, compared to its average volume of 1,022,455. The firm has a fifty day simple moving average of $168.16 and a 200 day simple moving average of $164.81. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a market capitalization of $34.67 billion, a price-to-earnings ratio of 42.81, a price-to-earnings-growth ratio of 8.33 and a beta of 0.89. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. During the same period last year, the business earned $2.02 EPS. The firm's revenue was up 10.2% compared to the same quarter last year. Analysts forecast that Extra Space Storage Inc. will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Monday, December 16th. Extra Space Storage's dividend payout ratio is presently 169.63%.

Analyst Upgrades and Downgrades

EXR has been the subject of a number of analyst reports. Wells Fargo & Company restated an "equal weight" rating and issued a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Barclays upped their target price on Extra Space Storage from $188.00 to $192.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Scotiabank reduced their price target on Extra Space Storage from $169.00 to $167.00 and set a "sector underperform" rating on the stock in a report on Monday, November 25th. Truist Financial upped 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. Finally, Royal Bank of Canada assumed coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They set a "sector perform" rating and a $180.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Extra Space Storage has a consensus rating of "Hold" and an average price target of $171.43.

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.