Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Cynosure Group LLC

Cynosure Group LLC decreased its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 16.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,011 shares of the real estate investment trust’s stock after selling 401 shares during the quarter. Cynosure Group LLC’s holdings in Extra Space Storage were worth $362,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its holdings in shares of Extra Space Storage by 4.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock valued at $551,586,000 after buying an additional 157,763 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Extra Space Storage by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock worth $485,973,000 after acquiring an additional 45,717 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of Extra Space Storage by 7.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after acquiring an additional 198,888 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Extra Space Storage by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust’s stock valued at $426,349,000 after purchasing an additional 111,137 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Extra Space Storage by 10.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,020,459 shares of the real estate investment trust’s stock worth $364,066,000 after purchasing an additional 189,949 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Buying and Selling

In related news, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the sale, the director now owns 404,306 shares in the company, valued at $71,655,152.38. This represents a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of Extra Space Storage 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 transaction, the director now 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,228 shares of company stock worth $3,023,957. 1.36% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. KeyCorp raised their price target 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. Royal Bank of Canada began coverage on shares of Extra Space Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 target price for the company. Wells Fargo & Company reiterated an “equal weight” rating and issued a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Evercore ISI dropped their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Finally, StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $171.36.

Extra Space Storage Stock Up 0.6 %

EXR opened at $172.68 on Friday. Extra Space Storage Inc. has a 1 year low of $125.82 and a 1 year high of $184.87. The firm has a 50 day moving average price of $169.82 and a 200 day moving average price of $164.15. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a market cap of $36.60 billion, a PE ratio of 45.20, a price-to-earnings-growth ratio of 8.58 and a beta of 0.87.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). The company had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the business earned $2.02 earnings per share. Sell-side analysts expect that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.75%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

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.