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 on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares of the company’s stock, valued at $4,098,541. The trade was a 21.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock opened at $152.77 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.33 and a quick ratio of 0.33. The firm has a market cap of $32.42 billion, a P/E ratio of 35.44, a P/E/G ratio of 3.71 and a beta of 1.10. The firm has a 50 day simple moving average of $148.50 and a 200 day simple moving average of $148.31. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.96 by $0.04. The business had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. Extra Space Storage’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.96 earnings per share. Sell-side analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date was Monday, June 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 150.35%.

Institutional Investors Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Extra Space Storage during the 4th quarter worth approximately $938,647,000. JPMorgan Chase & Co. grew its holdings in shares of Extra Space Storage by 205.7% in the 1st quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock valued at $608,001,000 after buying an additional 2,755,265 shares during the period. Nuveen LLC acquired a new position in shares of Extra Space Storage in the 1st quarter valued at $257,917,000. AQR Capital Management LLC grew its holdings in shares of Extra Space Storage by 570.3% in the 1st quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust’s stock valued at $166,180,000 after buying an additional 956,500 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Extra Space Storage by 48.7% in the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock valued at $430,107,000 after buying an additional 941,212 shares during the period. Institutional investors own 99.11% of the company’s stock.

Analyst Ratings Changes

EXR has been the subject of a number of research analyst reports. Scotiabank increased their target price on Extra Space Storage from $149.00 to $166.00 and gave the company a “sector outperform” rating in a report on Monday, May 12th. Mizuho increased their price objective on Extra Space Storage from $141.00 to $153.00 and gave the stock an “outperform” rating in a report on Wednesday, May 28th. BNP Paribas Exane assumed coverage on shares of Extra Space Storage in a research report on Tuesday, June 24th. They set a “neutral” rating and a $156.00 target price on the stock. Evercore ISI increased their target price on shares of Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a research report on Thursday, May 1st. Finally, Benchmark lowered their price target on Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $159.29.

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.