Extra Space Storage Inc. (NYSE:EXR) Holdings Decreased by Bank of America Corp DE

Bank of America Corp DE trimmed its position in Extra Space Storage Inc. (NYSE:EXR) by 20.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 560,613 shares of the real estate investment trust’s stock after selling 147,373 shares during the quarter. Bank of America Corp DE’s holdings in Extra Space Storage were worth $83,868,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in Extra Space Storage during the 4th quarter valued at approximately $25,000. Harbour Investments Inc. boosted its position in Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 80 shares during the period. Quent Capital LLC boosted its position in 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 period. Asset Planning Inc acquired a new position in Extra Space Storage during the 4th quarter valued at approximately $52,000. Finally, Quarry LP boosted its position in Extra Space Storage by 156.1% during the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 217 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Insider Activity at Extra Space Storage

In other news, Director Joseph J. Bonner sold 672 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was 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 directly owns 4,557 shares of the company’s stock, valued at $679,448.70. This represents a 12.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the sale, the chief executive officer now directly owns 9,190 shares of the company’s stock, valued at approximately $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,392 shares of company stock valued at $1,392,315 over the last 90 days. 0.96% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on EXR shares. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Mizuho started coverage on Extra Space Storage in a research report on Wednesday, April 9th. They set an “outperform” rating and a $141.00 price objective for the company. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th. Wells Fargo & Company reduced their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Finally, Barclays decreased their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $165.42.

Extra Space Storage Trading Up 0.9%

NYSE:EXR opened at $148.72 on Monday. 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 stock has a market cap of $31.56 billion, a price-to-earnings ratio of 38.93, a PEG ratio of 7.76 and a beta of 1.14. The business has a fifty day moving average of $143.80 and a 200-day moving average of $152.51. Extra Space Storage Inc. has a 1 year low of $121.03 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.04. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $705.12 million. During the same quarter last year, the business posted $1.96 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. Equities analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.36%. Extra Space Storage’s dividend payout ratio is currently 150.35%.

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.