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

Extra Space Storage Inc. (NYSE:EXR) CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,355,065.50. This represents a 44.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Extra Space Storage Stock Down 4.2 %

Shares of Extra Space Storage stock opened at $138.05 on Friday. The stock has a market capitalization of $29.27 billion, a price-to-earnings ratio of 36.14, a PEG ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87. 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 business’s 50 day simple moving average is $151.74 and its 200-day simple moving average is $159.02.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Equities research analysts forecast 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. This represents a $6.48 annualized dividend and a yield of 4.69%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is 160.40%.

Institutional Investors Weigh In On Extra Space Storage

Several large investors have recently made changes to their positions in the company. D.A. Davidson & CO. acquired a new stake in Extra Space Storage in the 3rd quarter valued at approximately $257,000. PEAK6 Investments LLC lifted its holdings in Extra Space Storage by 16.2% in the third quarter. PEAK6 Investments LLC now owns 2,298 shares of the real estate investment trust’s stock worth $414,000 after purchasing an additional 320 shares during the period. Walleye Capital LLC grew its position in Extra Space Storage by 174.8% in the 3rd quarter. Walleye Capital LLC now owns 1,280 shares of the real estate investment trust’s stock valued at $231,000 after buying an additional 2,992 shares in the last quarter. Erste Asset Management GmbH bought a new stake in shares of Extra Space Storage during the 3rd quarter worth about $1,631,000. Finally, Benjamin Edwards Inc. boosted its holdings in shares of Extra Space Storage by 168.5% in the third quarter. Benjamin Edwards Inc. now owns 4,629 shares of the real estate investment trust’s stock valued at $835,000 after acquiring an additional 2,905 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Royal Bank of Canada lowered their price objective on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Barclays reduced their price objective on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. Finally, Wells Fargo & Company reduced their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $171.09.

Extra Space Storage Company 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.