Independent Advisor Alliance Has $276,000 Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Independent Advisor Alliance reduced its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 4.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,533 shares of the real estate investment trust’s stock after selling 74 shares during the quarter. Independent Advisor Alliance’s holdings in Extra Space Storage were worth $276,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EdgeRock Capital LLC acquired a new position in Extra Space Storage during the 2nd quarter valued at about $25,000. Centerpoint Advisors LLC purchased a new position in shares of Extra Space Storage during the second quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new stake in Extra Space Storage during the third quarter worth $33,000. Harvest Fund Management Co. Ltd purchased a new stake in Extra Space Storage in the 3rd quarter valued at $42,000. Finally, Blue Trust Inc. lifted its stake 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 valued at $35,000 after acquiring an additional 200 shares in the last quarter. 99.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on EXR shares. Scotiabank reduced their target price on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a research note on Monday. Barclays increased their price objective on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and increased their price target for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Finally, StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $171.36.

Extra Space Storage Trading Up 0.6 %

Shares of Extra Space Storage stock opened at $172.68 on Friday. The stock has a market capitalization of $36.60 billion, a P/E ratio of 45.20, a P/E/G ratio of 8.58 and a beta of 0.87. Extra Space Storage Inc. has a 52-week low of $125.82 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The stock’s 50-day simple moving average is $169.82 and its 200 day simple moving average is $164.15.

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 (EPS) for the quarter, missing the consensus estimate 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 net margin of 25.35% and a return on equity of 5.51%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $2.02 EPS. As a group, research analysts anticipate that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s payout ratio is currently 169.63%.

Insider Activity

In other news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 5,877 shares in the company, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the sale, the director now directly owns 404,306 shares in the company, valued at $71,655,152.38. This trade represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,228 shares of company stock worth $3,023,957. 1.36% of the stock is owned by corporate 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.