Covestor Ltd Decreases Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Covestor Ltd decreased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 11.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 861 shares of the real estate investment trust’s stock after selling 115 shares during the period. Covestor Ltd’s holdings in Extra Space Storage were worth $155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Envestnet Portfolio Solutions Inc. lifted its holdings in Extra Space Storage by 10.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 8,921 shares of the real estate investment trust’s stock valued at $1,311,000 after purchasing an additional 835 shares in the last quarter. Empowered Funds LLC lifted its holdings in Extra Space Storage by 25.6% in the 1st quarter. Empowered Funds LLC now owns 3,192 shares of the real estate investment trust’s stock valued at $469,000 after purchasing an additional 651 shares in the last quarter. Choate Investment Advisors purchased a new position in Extra Space Storage in the 1st quarter valued at $339,000. QRG Capital Management Inc. lifted its holdings in Extra Space Storage by 5.2% in the 1st quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock valued at $233,000 after purchasing an additional 78 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in Extra Space Storage by 2.5% in the 1st quarter. US Bancorp DE now owns 25,090 shares of the real estate investment trust’s stock valued at $3,688,000 after purchasing an additional 604 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

NYSE EXR opened at $165.48 on Tuesday. The company has a market cap of $35.08 billion, a P/E ratio of 43.32, a P/E/G ratio of 6.31 and a beta of 0.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.20. The stock has a 50-day moving average of $172.62 and a two-hundred day moving average of $161.82. Extra Space Storage Inc. has a 1-year low of $116.23 and a 1-year high of $184.87.

Extra Space Storage (NYSE:EXR) last released its 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 analyst estimates 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 revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.02 earnings per share. As a group, analysts anticipate that Extra Space Storage Inc. will post 8.08 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.92%. The ex-dividend date was Monday, September 16th. Extra Space Storage’s payout ratio is presently 169.63%.

Analyst Ratings Changes

A number of research analysts have weighed in on EXR shares. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Raymond James raised their target price on Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. KeyCorp raised their target price on Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and raised their target price for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. Finally, Barclays raised their target price 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. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, Extra Space Storage currently has an average rating of “Hold” and an average price target of $171.50.

Insider Activity

In other news, 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 owns 24,190 shares in the company, valued at approximately $4,318,398.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, 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 owns 24,190 shares in the company, valued at approximately $4,318,398.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 2,823 shares of Extra Space Storage stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the completion of the transaction, the executive vice president now owns 32,855 shares of the company’s stock, valued at $5,815,663.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,970 shares of company stock worth $3,367,307. 1.36% of the stock is currently owned by company insiders.

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.