Extra Space Storage Inc. (NYSE:EXR) Position Cut by Logan Capital Management Inc.

Logan Capital Management Inc. trimmed its stake in Extra Space Storage Inc. (NYSE:EXR) by 82.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 302 shares of the real estate investment trust’s stock after selling 1,428 shares during the quarter. Logan Capital Management Inc.’s holdings in Extra Space Storage were worth $45,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in EXR. Golden State Wealth Management LLC bought a new stake in shares of Extra Space Storage during the fourth quarter valued at about $25,000. Harbour Investments Inc. grew its holdings in Extra Space Storage by 90.9% during the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 80 shares during the period. Quent Capital LLC grew its holdings in Extra Space Storage by 89.0% during the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares during the period. Asset Planning Inc acquired a new position in Extra Space Storage during the fourth quarter worth about $52,000. Finally, Quarry LP grew its holdings in Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 217 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Joseph J. Bonner sold 672 shares of the business’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the completion of the sale, the director now directly owns 4,557 shares in the company, valued at $679,448.70. The trade was a 12.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage 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 completion of the transaction, the chief executive officer now directly owns 9,190 shares of the company’s stock, valued at $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 worth $1,392,315 over the last ninety days. 0.96% of the stock is currently owned by corporate insiders.

Extra Space Storage Stock Down 1.3%

EXR opened at $147.02 on Wednesday. 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 business has a 50 day moving average price of $143.47 and a 200 day moving average price of $152.35. The firm has a market cap of $31.20 billion, a P/E ratio of 38.49, a price-to-earnings-growth ratio of 7.76 and a beta of 1.14. Extra Space Storage Inc. has a twelve month low of $121.03 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $705.12 million. During the same period in the previous year, the business posted $1.96 earnings per share. Extra Space Storage’s quarterly revenue was up 2.6% on a year-over-year basis. Research analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.41%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s payout ratio is 150.35%.

Analyst Upgrades and Downgrades

EXR has been the topic of a number of research analyst reports. Royal Bank of Canada lowered their target price on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating on the stock in a report on Thursday, May 1st. Bank of America lifted their target price on Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a report on Tuesday. Scotiabank lifted their price target on Extra Space Storage from $149.00 to $166.00 and gave the stock a “sector outperform” rating in a research note on Monday. Wells Fargo & Company dropped their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Finally, StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $158.69.

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.