Alliancebernstein L.P. Has $65.45 Million Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Alliancebernstein L.P. cut its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 8.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 437,491 shares of the real estate investment trust’s stock after selling 41,252 shares during the period. Alliancebernstein L.P. owned about 0.21% of Extra Space Storage worth $65,449,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Golden State Wealth Management LLC bought a new stake in shares of Extra Space Storage during the 4th quarter worth $25,000. Harbour Investments Inc. lifted its holdings in shares of Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 80 shares during the last quarter. Quent Capital LLC grew its holdings in shares of Extra Space Storage by 89.0% during the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 154 shares during the last quarter. Asset Planning Inc acquired a new position in Extra Space Storage during the 4th quarter worth approximately $52,000. Finally, Kestra Investment Management LLC bought a new position in Extra Space Storage in the 4th quarter valued at approximately $54,000. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Down 4.2 %

Shares of NYSE EXR opened at $138.05 on Friday. The company’s 50 day moving average price is $151.74 and its 200-day moving average price is $159.02. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage Inc. has a 52-week low of $131.02 and a 52-week high of $184.87. The company has a market capitalization of $29.27 billion, a P/E ratio of 36.14, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90.

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

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $1.62 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.69%. Extra Space Storage’s payout ratio is currently 160.40%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Barclays lowered their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday, March 7th. Wells Fargo & Company dropped their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Finally, Scotiabank reduced their target price on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Extra Space Storage has a consensus rating of “Hold” and a consensus price target of $171.09.

Insider Buying and Selling at Extra Space Storage

In related news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction 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 completion of the sale, the executive vice president now owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares of the company’s stock, valued at approximately $679,448.70. This trade represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,392 shares of company stock valued at $1,392,315. 1.36% of the stock is currently owned by company insiders.

Extra Space Storage 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.