Extra Space Storage Inc. (NYSE:EXR) Shares Sold by M&T Bank Corp

M&T Bank Corp decreased its holdings in Extra Space Storage Inc. (NYSE:EXR) by 0.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 44,023 shares of the real estate investment trust’s stock after selling 371 shares during the quarter. M&T Bank Corp’s holdings in Extra Space Storage were worth $7,933,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Swedbank AB raised its position in shares of 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 purchasing an additional 10,408 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Extra Space Storage by 724.1% in the third 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 worth $357,100,000 after buying an additional 1,741,320 shares during the last quarter. Duff & Phelps Investment Management Co. increased its stake in shares of Extra Space Storage by 9.5% in the third 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. Brown Financial Advisors raised its holdings in Extra Space Storage by 69.1% in the third quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock valued at $1,646,000 after acquiring an additional 3,731 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Extra Space Storage by 5.9% during the 2nd quarter. Victory Capital Management Inc. now owns 141,936 shares of the real estate investment trust’s stock valued at $22,058,000 after acquiring an additional 7,898 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

EXR opened at $147.00 on Monday. 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 business’s 50 day moving average is $164.45 and its 200-day moving average is $165.86. The stock has a market cap of $31.16 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89. 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 announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share 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 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 EPS. The firm’s revenue was up 10.2% on a year-over-year basis. On average, analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given 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 yield of 4.41%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the transaction, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. This represents a 23.67 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on EXR. Barclays upped their target price 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. Scotiabank decreased their target price on Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a research report on Monday, November 25th. Truist Financial boosted their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Finally, Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and boosted their target price for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and an average target price of $173.08.

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.