By otakuyassine3@gmail.com 
Assetmark Inc. reduced its holdings in shares of Extra Space Storage Inc. (NYSE:EXR – Free Report) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,328 shares of the real estate investment trust’s stock after selling 85 shares during the period. Assetmark Inc.’s holdings in Extra Space Storage were worth $947,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of the business. State Street Corp increased its stake in shares of Extra Space Storage by 1.7% during the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock valued at $2,412,894,000 after purchasing an additional 227,006 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Extra Space Storage by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust’s stock valued at $360,436,000 after buying an additional 43,223 shares in the last quarter. Daiwa Securities Group Inc. raised its stake 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 valued at $364,066,000 after buying an additional 189,949 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock worth $357,100,000 after acquiring an additional 1,741,320 shares in the last quarter. Finally, Hamlin Capital Management LLC grew its stake in shares of Extra Space Storage by 11.1% in the fourth quarter. Hamlin Capital Management LLC now owns 850,800 shares of the real estate investment trust’s stock worth $127,280,000 after acquiring an additional 84,757 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the company. Scotiabank lowered their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday, March 7th. Wells Fargo & Company decreased 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, Truist Financial upped their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $171.36.
Read Our Latest Analysis on EXR
Insider Transactions at Extra Space Storage
In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $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 is available through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the business’s 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 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.
Extra Space Storage Stock Performance
Shares of EXR opened at $152.00 on Wednesday. The firm has a market capitalization of $32.22 billion, a P/E ratio of 39.79, a PEG ratio of 7.76 and a beta of 0.90. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage Inc. has a one year low of $131.02 and a one year high of $184.87. The business has a fifty day moving average of $153.13 and a 200 day moving average of $162.65.
Extra Space Storage (NYSE:EXR – Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $821.90 million during the quarter, compared to the consensus estimate of $707.34 million. As a group, sell-side analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current year.
Extra Space Storage Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $1.62 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.26%. Extra Space Storage’s payout ratio is presently 160.40%.
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.
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