Wedge Capital Management L L P NC Lowers Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Wedge Capital Management L L P NC lessened its stake in Extra Space Storage Inc. (NYSE:EXR) by 20.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,070 shares of the real estate investment trust’s stock after selling 1,315 shares during the period. Wedge Capital Management L L P NC’s holdings in Extra Space Storage were worth $914,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in EXR. GAMMA Investing LLC raised its position in Extra Space Storage by 32.2% during the first quarter. GAMMA Investing LLC now owns 1,051 shares of the real estate investment trust’s stock valued at $154,000 after purchasing an additional 256 shares in the last quarter. Czech National Bank raised its stake in shares of Extra Space Storage by 0.5% during the first quarter. Czech National Bank now owns 37,174 shares of the real estate investment trust’s stock worth $5,465,000 after acquiring an additional 170 shares in the last quarter. Gulf International Bank UK Ltd lifted its holdings in shares of Extra Space Storage by 0.7% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,446 shares of the real estate investment trust’s stock worth $2,564,000 after acquiring an additional 127 shares during the last quarter. Ignite Planners LLC purchased a new stake in shares of Extra Space Storage in the 1st quarter valued at $702,000. Finally, Vert Asset Management LLC grew its holdings in shares of Extra Space Storage by 1.1% during the 1st quarter. Vert Asset Management LLC now owns 86,495 shares of the real estate investment trust’s stock valued at $12,715,000 after purchasing an additional 973 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and upped their price target for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Evercore ISI reduced their price target on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research report on Monday. Royal Bank of Canada assumed coverage on Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective for the company. Wells Fargo & Company raised their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Bank of America lowered shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $172.00 to $155.00 in a report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $170.80.

Extra Space Storage Stock Performance

Shares of EXR opened at $170.10 on Friday. The company has a 50-day simple moving average of $174.34 and a two-hundred day simple moving average of $158.74. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. The firm has a market capitalization of $36.01 billion, a PE ratio of 37.88, a price-to-earnings-growth ratio of 6.47 and a beta of 0.86. Extra Space Storage Inc. has a one year low of $101.19 and a one year high of $184.87.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date of this dividend was Monday, September 16th. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the transaction, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the sale, the director now directly owns 404,306 shares of the company’s stock, valued at approximately $71,655,152.38. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the transaction, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,970 shares of company stock valued at $3,367,307 in the last three months. 1.36% of the stock is currently owned by company insiders.

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.