Extra Space Storage Inc. (NYSE:EXR) Director Diane Olmstead Sells 3,081 Shares

Extra Space Storage Inc. (NYSE:EXR) Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Extra Space Storage Stock Up 0.3 %

Shares of EXR opened at $165.45 on Wednesday. The company has a market capitalization of $35.07 billion, a PE ratio of 43.31, a PEG ratio of 8.29 and a beta of 0.87. Extra Space Storage Inc. has a 12 month low of $125.32 and a 12 month high of $184.87. The stock’s 50-day moving average price is $171.30 and its two-hundred day moving average price is $163.00. 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 data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.02 earnings per share. On average, analysts anticipate that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio is 169.63%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in EXR. Intech Investment Management LLC lifted its stake in shares of Extra Space Storage by 138.7% in the 1st quarter. Intech Investment Management LLC now owns 5,405 shares of the real estate investment trust’s stock valued at $795,000 after purchasing an additional 3,141 shares during the period. Covestor Ltd raised its stake in Extra Space Storage by 67.7% during the 1st quarter. Covestor Ltd now owns 592 shares of the real estate investment trust’s stock worth $87,000 after buying an additional 239 shares during the period. O Shaughnessy Asset Management LLC raised its stake in Extra Space Storage by 36.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 7,004 shares of the real estate investment trust’s stock worth $1,030,000 after buying an additional 1,875 shares during the period. Lake Street Advisors Group LLC raised its stake in Extra Space Storage by 611.6% during the 1st quarter. Lake Street Advisors Group LLC now owns 10,717 shares of the real estate investment trust’s stock worth $1,575,000 after buying an additional 9,211 shares during the period. Finally, Twin Capital Management Inc. acquired a new position in Extra Space Storage during the 1st quarter worth approximately $783,000. 99.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Royal Bank of Canada assumed coverage on Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective for the company. KeyCorp raised their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research report on Monday, September 9th. Finally, Raymond James raised their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Extra Space Storage presently has an average rating of “Hold” and an average price target of $171.50.

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.