Extra Space Storage Inc. (NYSE:EXR) Director Diane Olmstead Sells 3,081 Shares of Stock

Extra Space Storage Inc. (NYSE:EXR) Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated 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 $967,119.12. The trade was a 34.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Extra Space Storage Stock Up 0.3 %

NYSE:EXR opened at $165.45 on Wednesday. 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 company has a market cap of $35.07 billion, a PE ratio of 43.31, a PEG ratio of 8.29 and a beta of 0.87. Extra Space Storage Inc. has a 52-week low of $125.32 and a 52-week high of $184.87. The stock has a 50-day simple moving average of $171.30 and a 200 day simple moving average of $163.00.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The firm had revenue of $824.80 million for 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 firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.02 earnings per share. On average, sell-side analysts expect that Extra Space Storage Inc. will post 8.09 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a dividend of $1.62 per share. 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 3.92%. Extra Space Storage’s payout ratio is presently 169.63%.

Analyst Ratings Changes

EXR has been the topic of several analyst reports. Raymond James increased their target price on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America lowered Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their target price for the company 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 target price for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Scotiabank increased their target price on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a research note on Thursday, August 22nd. Finally, Truist Financial increased their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a report 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. Based on data from MarketBeat, Extra Space Storage has an average rating of “Hold” and an average price target of $171.50.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. State Street Corp grew its stake in Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock valued at $2,412,894,000 after purchasing an additional 227,006 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Extra Space Storage by 4.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock valued at $551,586,000 after purchasing an additional 157,763 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Extra Space Storage by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock valued at $485,973,000 after purchasing an additional 45,717 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in Extra Space Storage by 7.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock valued at $460,890,000 after purchasing an additional 198,888 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Extra Space Storage by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust’s stock valued at $426,349,000 after purchasing an additional 111,137 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

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.