Extra Space Storage Inc. (NYSE:EXR) CEO Joseph D. Margolis Sells 7,500 Shares

Extra Space Storage Inc. (NYSE:EXR) CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Extra Space Storage Stock Down 1.7 %

Shares of EXR traded down $2.56 during mid-day trading on Monday, hitting $148.48. The company’s stock had a trading volume of 991,857 shares, compared to its average volume of 858,819. 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 company’s 50-day moving average is $160.44 and its 200-day moving average is $165.50. Extra Space Storage Inc. has a 52-week low of $131.02 and a 52-week high of $184.87. The firm has a market capitalization of $31.48 billion, a price-to-earnings ratio of 38.87, a PEG ratio of 8.03 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The company had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.02 EPS. On average, equities research analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors 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 yield of 4.36%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage’s payout ratio is currently 169.63%.

Hedge Funds Weigh In On Extra Space Storage

Large investors have recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of Extra Space Storage by 1.7% in the 3rd quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock worth $2,412,894,000 after buying an additional 227,006 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Extra Space Storage by 4.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock worth $551,586,000 after purchasing an additional 157,763 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Extra Space Storage by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock worth $485,973,000 after purchasing an additional 45,717 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of Extra Space Storage by 7.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock valued at $460,890,000 after purchasing an additional 198,888 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Extra Space Storage by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust’s stock worth $426,349,000 after purchasing an additional 111,137 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

EXR has been the subject of several recent analyst reports. Evercore ISI dropped their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st. Truist Financial lifted their target price on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Scotiabank cut their price target on shares of 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. Finally, KeyCorp raised their price target on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Three analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and an average target price of $173.08.

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.