Citigroup Inc. Has $25.66 Million Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Citigroup Inc. reduced its holdings in Extra Space Storage Inc. (NYSE:EXR) by 35.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 142,409 shares of the real estate investment trust’s stock after selling 78,591 shares during the period. Citigroup Inc.’s holdings in Extra Space Storage were worth $25,661,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EXR. EdgeRock Capital LLC bought a new stake in shares of Extra Space Storage in the second quarter worth $25,000. Centerpoint Advisors LLC acquired a new position in Extra Space Storage during the 2nd quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage in the third quarter valued at about $33,000. Blue Trust Inc. raised its position in shares of Extra Space Storage by 540.5% during the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 200 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Extra Space Storage by 2,760.0% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 286 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 276 shares during the period. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $170.38 on Tuesday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $170.30 and a two-hundred day simple moving average of $163.85. Extra Space Storage Inc. has a 12 month low of $125.82 and a 12 month high of $184.87. The firm has a market capitalization of $36.12 billion, a PE ratio of 44.60, a price-to-earnings-growth ratio of 8.47 and a beta of 0.87.

Extra Space Storage (NYSE:EXR) last posted its earnings results 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 business had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same period in the previous year, the firm earned $2.02 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. Analysts forecast that Extra Space Storage Inc. will post 8.09 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.80%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. KeyCorp boosted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Royal Bank of Canada began coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target for the company. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Finally, Truist Financial raised their target price on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Three investment analysts have rated the stock with a sell rating, seven have issued 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 a consensus target price of $171.36.

Insider Activity at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now owns 5,877 shares in the company, valued at $967,119.12. This represents a 34.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the 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 sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,228 shares of company stock valued at $3,374,617 over the last 90 days. Insiders own 1.36% of the company’s stock.

Extra Space Storage 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.