Joseph D. Margolis Sells 7,500 Shares of Extra Space Storage Inc. (NYSE:EXR) Stock

Extra Space Storage Inc. (NYSE:EXR) CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the sale, the chief executive officer now directly owns 16,690 shares in the company, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $148.51 on Wednesday. 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 stock has a market cap of $31.48 billion, a P/E ratio of 38.88, a P/E/G ratio of 8.03 and a beta of 0.91. The stock has a 50 day moving average of $160.06 and a two-hundred day moving average of $165.43. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR) last released its quarterly 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 net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same quarter last year, the company earned $2.02 EPS. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, research analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date was Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on EXR shares. Royal Bank of Canada began coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 target price on the stock. Scotiabank reduced their price objective on Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating on the stock in a research note on Monday, November 25th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and boosted their target price for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. Truist Financial increased their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $173.08.

Institutional Trading of Extra Space Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in EXR. Tidal Investments LLC increased its holdings in shares of Extra Space Storage by 34.4% in the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock valued at $2,278,000 after purchasing an additional 3,234 shares during the period. Swedbank AB increased its stake in Extra Space Storage by 4.5% in the 3rd quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock valued at $43,810,000 after buying an additional 10,408 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Extra Space Storage by 724.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after buying an additional 1,741,320 shares during the period. Duff & Phelps Investment Management Co. raised its position in Extra Space Storage by 9.5% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock worth $6,397,000 after buying an additional 3,093 shares during the last quarter. Finally, Brown Financial Advisors lifted its stake in shares of Extra Space Storage by 69.1% in the 3rd quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock worth $1,646,000 after acquiring an additional 3,731 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Company 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.