Oppenheimer Asset Management Inc. Sells 953 Shares of Extra Space Storage Inc. (NYSE:EXR)

Oppenheimer Asset Management Inc. cut its holdings in Extra Space Storage Inc. (NYSE:EXR) by 10.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,755 shares of the real estate investment trust’s stock after selling 953 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Extra Space Storage were worth $1,397,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of EXR. EdgeRock Capital LLC purchased a new stake in shares of Extra Space Storage during the second quarter worth $25,000. Centerpoint Advisors LLC bought a new stake in shares of Extra Space Storage during the 2nd quarter valued at $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Extra Space Storage during the 3rd quarter valued at $33,000. Blue Trust Inc. lifted its holdings in Extra Space Storage by 540.5% during the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 200 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in Extra Space Storage by 2,760.0% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 286 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 276 shares during the period. 99.11% of the stock is owned by institutional investors.

Insider Activity

In other Extra Space Storage news, Director Kenneth M. Woolley sold 6,647 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the sale, the director now owns 404,306 shares of the company’s stock, valued at $71,655,152.38. This trade represents a 1.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s 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 transaction, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,970 shares of company stock valued at $3,367,307. Insiders own 1.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on EXR shares. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $172.00 to $155.00 in a research report on Monday, August 5th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Scotiabank raised their price target on shares of Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a report on Thursday, August 22nd. Royal Bank of Canada began coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price target on the stock. Finally, 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. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $171.50.

Extra Space Storage Stock Up 0.7 %

Shares of EXR opened at $164.56 on Monday. Extra Space Storage Inc. has a 1 year low of $125.32 and a 1 year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The stock has a 50 day simple moving average of $171.50 and a two-hundred day simple moving average of $162.65. The firm has a market cap of $34.88 billion, a P/E ratio of 43.08, a P/E/G ratio of 8.29 and a beta of 0.87.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.02 earnings per share. On average, analysts forecast that Extra Space Storage Inc. will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.94%. Extra Space Storage’s dividend payout ratio is currently 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.