MAI Capital Management Trims Holdings in Extra Space Storage Inc. (NYSE:EXR)

MAI Capital Management cut its stake in Extra Space Storage Inc. (NYSE:EXR) by 3.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,713 shares of the real estate investment trust’s stock after selling 247 shares during the quarter. MAI Capital Management’s holdings in Extra Space Storage were worth $1,390,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA grew 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 purchasing an additional 157,763 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in 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 valued at $485,973,000 after buying an additional 45,717 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in Extra Space Storage by 7.2% during the second 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 buying an additional 198,888 shares during the period. Pathway Financial Advisers LLC boosted its stake in 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. Finally, Canada Pension Plan Investment Board boosted its stake in Extra Space Storage by 20.5% during the second quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock valued at $291,720,000 after buying an additional 319,965 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Stock Down 0.3 %

EXR opened at $165.04 on Thursday. The company has a market cap of $34.99 billion, a P/E ratio of 43.31, a P/E/G ratio of 8.29 and a beta of 0.87. The business’s 50-day moving average price is $171.06 and its 200-day moving average price is $163.16. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 12 month low of $125.32 and a 12 month high of $184.87.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 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 company had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same quarter in the prior year, the firm posted $2.02 EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. On average, equities analysts expect that Extra Space Storage Inc. will post 8.09 EPS 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. Investors of record on Monday, December 16th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.93%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares in the company, valued at approximately $5,815,663.55. This represents a 7.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the company’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 trade represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,051 shares of company stock worth $3,874,316 in the last 90 days. Company insiders own 1.36% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on EXR shares. Scotiabank lifted their price objective on 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. Royal Bank of Canada started coverage on Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. Truist Financial lifted their price objective on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Barclays lifted 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. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a research note on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $171.50.

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.