Cypress Capital Group Sells 1,331 Shares of Extra Space Storage Inc. (NYSE:EXR)

Cypress Capital Group trimmed its stake in Extra Space Storage Inc. (NYSE:EXR) by 26.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,777 shares of the real estate investment trust’s stock after selling 1,331 shares during the period. Cypress Capital Group’s holdings in Extra Space Storage were worth $565,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Alta Capital Management LLC boosted its stake in Extra Space Storage by 9.0% in the fourth quarter. Alta Capital Management LLC now owns 27,102 shares of the real estate investment trust’s stock worth $4,054,000 after purchasing an additional 2,245 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Extra Space Storage by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust’s stock worth $360,436,000 after purchasing an additional 43,223 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in Extra Space Storage by 8.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,315 shares of the real estate investment trust’s stock worth $1,094,000 after purchasing an additional 600 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Extra Space Storage by 20.0% in the fourth quarter. Jones Financial Companies Lllp now owns 1,109 shares of the real estate investment trust’s stock worth $166,000 after purchasing an additional 185 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in Extra Space Storage by 18.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 760 shares of the real estate investment trust’s stock worth $112,000 after purchasing an additional 119 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, 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 completion of the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Trading Up 2.5 %

NYSE EXR opened at $157.24 on Thursday. Extra Space Storage Inc. has a 12 month low of $131.02 and a 12 month high of $184.87. The stock has a 50-day simple moving average of $152.63 and a 200 day simple moving average of $163.21. The company has a market capitalization of $33.33 billion, a PE ratio of 41.16, a P/E/G ratio of 7.76 and a beta of 0.91. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $821.90 million during the quarter, compared to the consensus estimate of $707.34 million. Research analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $1.62 per share. The ex-dividend date is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.12%. Extra Space Storage’s payout ratio is presently 160.40%.

Analyst Upgrades and Downgrades

A number of research firms have commented on EXR. Truist Financial boosted their price objective on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Barclays reduced their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Royal Bank of Canada cut their price target on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Finally, Scotiabank cut their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $171.36.

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.