Raymond James & Associates reduced its position in shares of Extra Space Storage Inc. (NYSE:EXR – Get Rating) by 43.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 22,928 shares of the real estate investment trust’s stock after selling 17,949 shares during the period. Raymond James & Associates’ holdings in Extra Space Storage were worth $3,375,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Belpointe Asset Management LLC bought a new position in Extra Space Storage during the fourth quarter valued at $34,000. UBS Group AG lifted its position in shares of Extra Space Storage by 14.1% during the fourth quarter. UBS Group AG now owns 212,187 shares of the real estate investment trust’s stock worth $31,230,000 after acquiring an additional 26,216 shares in the last quarter. Lockheed Martin Investment Management Co. raised its position in shares of Extra Space Storage by 11.8% in the fourth quarter. Lockheed Martin Investment Management Co. now owns 9,485 shares of the real estate investment trust’s stock worth $1,396,000 after buying an additional 1,000 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of Extra Space Storage by 11.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 92,401 shares of the real estate investment trust’s stock worth $13,600,000 after buying an additional 9,658 shares in the last quarter. Finally, Donoghue Forlines LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter worth $534,000. 95.32% of the stock is owned by institutional investors.
Insider Activity
In other news, COO Matthew T. Herrington sold 650 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $165.75, for a total transaction of $107,737.50. Following the completion of the transaction, the chief operating officer now directly owns 6,405 shares in the company, valued at $1,061,628.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Gwyn Goodson Mcneal sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $164.00, for a total value of $246,000.00. Following the completion of the transaction, the executive vice president now directly owns 32,290 shares in the company, valued at approximately $5,295,560. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Matthew T. Herrington sold 650 shares of the business’s stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $165.75, for a total transaction of $107,737.50. Following the completion of the transaction, the chief operating officer now owns 6,405 shares of the company’s stock, valued at $1,061,628.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,440 shares of company stock worth $2,172,313. Insiders own 1.55% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the company. KeyCorp reduced their target price on Extra Space Storage from $190.00 to $172.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 5th. Truist Financial raised their price objective on Extra Space Storage from $160.00 to $165.00 and gave the company a “hold” rating in a research note on Wednesday, March 8th. Bank of America started coverage on Extra Space Storage in a research note on Monday, May 8th. They issued a “buy” rating on the stock. StockNews.com assumed coverage on Extra Space Storage in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Raymond James upgraded shares of Extra Space Storage from an “outperform” rating to a “strong-buy” rating and set a $185.00 price objective for the company in a report on Tuesday, April 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $170.56.
Extra Space Storage Price Performance
EXR stock opened at $146.58 on Friday. The firm has a 50 day moving average price of $153.95 and a 200-day moving average price of $155.22. Extra Space Storage Inc. has a 52-week low of $139.97 and a 52-week high of $216.52. The firm has a market capitalization of $19.80 billion, a price-to-earnings ratio of 23.05, a PEG ratio of 5.01 and a beta of 0.54. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.27 and a current ratio of 0.27.
Extra Space Storage (NYSE:EXR – Get Rating) last released its earnings results on Wednesday, February 22nd. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.56). Extra Space Storage had a net margin of 43.79% and a return on equity of 21.62%. The business had revenue of $506.70 million for the quarter, compared to analysts’ expectations of $433.39 million. During the same quarter in the previous year, the business posted $1.91 earnings per share. Extra Space Storage’s revenue for the quarter was up 18.4% on a year-over-year basis. Equities research analysts forecast that Extra Space Storage Inc. will post 8.51 EPS for the current fiscal year.
Extra Space Storage Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.42%. Extra Space Storage’s payout ratio is 101.89%.
About Extra Space Storage
Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.
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