Penobscot Investment Management Company Inc. Has $1.03 Million Position in Extra Space Storage Inc. (NYSE:EXR)

Penobscot Investment Management Company Inc. lessened its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 24.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 6,407 shares of the real estate investment trust’s stock after selling 2,058 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Extra Space Storage were worth $1,027,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of EXR. Zions Bancorporation N.A. lifted its position in Extra Space Storage by 241.9% during the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 150 shares during the last quarter. Anchor Investment Management LLC acquired a new stake in Extra Space Storage during the 4th quarter worth approximately $35,000. EverSource Wealth Advisors LLC boosted its stake in Extra Space Storage by 162.5% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 143 shares during the period. Bruce G. Allen Investments LLC acquired a new position in Extra Space Storage in the 4th quarter valued at $41,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Extra Space Storage during the 3rd quarter worth $32,000. Institutional investors own 99.11% of the company’s stock.

Insider Activity

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. Insiders sold 3,532 shares of company stock valued at $514,819 over the last quarter. 1.36% of the stock is owned by company insiders.

Analysts Set New Price Targets

EXR has been the topic of several research reports. Scotiabank began coverage on shares of Extra Space Storage in a research note on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 price target on the stock. The Goldman Sachs Group raised their target price on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Barclays started coverage on Extra Space Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $157.00 price target for the company. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, March 2nd. Finally, Raymond James reiterated an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $150.17.

Extra Space Storage Trading Down 2.3 %

EXR opened at $134.27 on Wednesday. The company’s 50 day moving average is $141.64 and its 200-day moving average is $138.54. The company has a market cap of $28.41 billion, a P/E ratio of 27.18, a PEG ratio of 3.37 and a beta of 0.74. Extra Space Storage Inc. has a 1-year low of $101.19 and a 1-year high of $164.99. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The company had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. During the same period in the previous year, the firm posted $2.09 EPS. The business’s quarterly revenue was up 57.4% compared to the same quarter last year. Equities research analysts predict that Extra Space Storage Inc. will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s payout ratio is 131.17%.

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.