Raymond James Trust N.A. Sells 346 Shares of Extra Space Storage Inc. (NYSE:EXR)

Raymond James Trust N.A. cut its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 5.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 6,106 shares of the real estate investment trust’s stock after selling 346 shares during the quarter. Raymond James Trust N.A.’s holdings in Extra Space Storage were worth $1,100,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Massachusetts Financial Services Co. MA increased its position in shares of 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 valued at $551,586,000 after acquiring an additional 157,763 shares during the period. Dimensional Fund Advisors LP increased its holdings in Extra Space Storage by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock valued at $485,973,000 after purchasing an additional 45,717 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in Extra Space Storage by 7.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after buying an additional 198,888 shares during the period. Charles Schwab Investment Management Inc. grew 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 buying an additional 111,137 shares during the last quarter. Finally, Pathway Financial Advisers LLC increased its stake in shares of Extra Space Storage by 17,832.9% during the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after buying an additional 2,007,626 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Barclays raised their price target on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Scotiabank lifted their target price on shares of Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a research note on Thursday, August 22nd. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and increased their price target for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Finally, Truist Financial upped their target price on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $171.50.

Insider Transactions at Extra Space Storage

In other news, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the transaction, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at $2,089,758.27. The trade was a 14.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were 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 of the company’s stock, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,228 shares of company stock worth $3,374,617 in the last 90 days. 1.36% of the stock is currently owned by insiders.

Extra Space Storage Price Performance

NYSE EXR opened at $168.14 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage Inc. has a 1-year low of $125.32 and a 1-year high of $184.87. The stock has a market capitalization of $35.64 billion, a price-to-earnings ratio of 44.02, a PEG ratio of 8.40 and a beta of 0.87. The business’s fifty day moving average price is $170.44 and its 200-day moving average price is $163.68.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same period in the previous year, the business posted $2.02 earnings per share. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts predict that Extra Space Storage Inc. will post 8.09 earnings per share for the current 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 given a $1.62 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 3.85%. Extra Space Storage’s payout ratio is presently 169.63%.

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.