Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC cut its stake in Extra Space Storage Inc. (NYSE:EXR) by 2.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 178,689 shares of the real estate investment trust’s stock after selling 3,940 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Extra Space Storage were worth $26,732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Manning & Napier Advisors LLC grew its position in shares of Extra Space Storage by 1,127.2% in the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock valued at $116,985,000 after purchasing an additional 718,266 shares in the last quarter. Vert Asset Management LLC grew its position in shares of Extra Space Storage by 8.0% in the fourth quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust’s stock valued at $13,984,000 after purchasing an additional 6,910 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Extra Space Storage by 134.3% in the fourth quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust’s stock valued at $25,093,000 after purchasing an additional 96,136 shares in the last quarter. Brentview Investment Management LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at approximately $2,852,000. Finally, D.B. Root & Company LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at approximately $313,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Stock Up 2.2%

Shares of NYSE EXR opened at $151.80 on Friday. The stock has a market cap of $32.21 billion, a P/E ratio of 39.74, a PEG ratio of 7.76 and a beta of 1.14. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 12-month low of $121.03 and a 12-month high of $184.87. The business’s fifty day simple moving average is $143.10 and its 200-day simple moving average is $152.08.

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

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.27%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s payout ratio is currently 150.35%.

Insider Activity

In other Extra Space Storage news, Director Joseph J. Bonner sold 672 shares of the firm’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 sale, the director now directly owns 4,557 shares in the company, valued at $679,448.70. This trade represents a 12.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, April 1st. The stock was 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 owns 9,190 shares in the company, valued at $1,355,065.50. This trade represents a 44.94% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,392 shares of company stock worth $1,392,315. Corporate insiders own 0.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have 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. Royal Bank of Canada dropped their price target on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating for the company in a research report on Thursday, May 1st. Evercore ISI increased their price objective on Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a research report on Thursday, May 1st. Scotiabank increased their price objective on Extra Space Storage from $149.00 to $166.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 12th. Finally, Barclays lowered their price objective on Extra Space Storage from $181.00 to $178.00 and set an “overweight” rating for the company in a research report on Friday. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Extra Space Storage currently has an average rating of “Moderate Buy” and a consensus price target of $158.46.

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.