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 business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Extra Space Storage Trading Down 0.0 %

Shares of EXR opened at $148.51 on Wednesday. Extra Space Storage Inc. has a 12-month low of $131.02 and a 12-month high of $184.87. The firm has a market capitalization of $31.48 billion, a P/E ratio of 38.88, a P/E/G ratio of 8.03 and a beta of 0.91. The firm has a 50-day moving average price of $160.06 and a 200 day moving average price of $165.43. 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 (NYSE:EXR) last posted its quarterly 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). The firm had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the company earned $2.02 EPS. Sell-side analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a $1.62 dividend. The ex-dividend date was Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.36%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Hedge Funds Weigh In On Extra Space Storage

Several large investors have recently modified their holdings of the business. Larson Financial Group LLC lifted its position in Extra Space Storage by 112,700.0% in the second quarter. Larson Financial Group LLC now owns 1,128 shares of the real estate investment trust’s stock valued at $175,000 after buying an additional 1,127 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Extra Space Storage by 24.5% in the 2nd quarter. National Bank of Canada FI now owns 58,645 shares of the real estate investment trust’s stock worth $8,909,000 after acquiring an additional 11,541 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Extra Space Storage by 5.9% during the 2nd quarter. Victory Capital Management Inc. now owns 141,936 shares of the real estate investment trust’s stock worth $22,058,000 after purchasing an additional 7,898 shares during the period. Arizona State Retirement System increased its holdings in Extra Space Storage by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 61,336 shares of the real estate investment trust’s stock valued at $9,532,000 after purchasing an additional 706 shares during the last quarter. Finally, Candriam S.C.A. raised its position in Extra Space Storage by 6.5% in the second quarter. Candriam S.C.A. now owns 11,943 shares of the real estate investment trust’s stock valued at $1,856,000 after purchasing an additional 732 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

EXR has been the subject of a number of research reports. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Truist Financial raised their target price on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Barclays boosted their price target on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Evercore ISI decreased their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Three 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target 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.