Legacy Wealth Asset Management LLC Sells 292 Shares of Extra Space Storage Inc. (NYSE:EXR)

Legacy Wealth Asset Management LLC reduced its position in Extra Space Storage Inc. (NYSE:EXR) by 12.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,105 shares of the real estate investment trust’s stock after selling 292 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Extra Space Storage were worth $313,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of EXR. Norges Bank bought a new stake in shares of Extra Space Storage in the 4th quarter valued at $938,647,000. Northern Trust Corp boosted its stake in shares of Extra Space Storage by 48.7% in the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock valued at $430,107,000 after purchasing an additional 941,212 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Extra Space Storage in the 4th quarter valued at $107,453,000. Cbre Investment Management Listed Real Assets LLC boosted its stake in shares of Extra Space Storage by 91.2% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust’s stock valued at $163,027,000 after purchasing an additional 519,934 shares during the last quarter. Finally, Cohen & Steers Inc. lifted its position in shares of Extra Space Storage by 5.9% during the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock valued at $1,383,094,000 after acquiring an additional 516,941 shares during the period. 99.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Scotiabank increased their target price on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a “sector outperform” rating in a research note on Monday, May 12th. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Barclays cut their target price on shares of Extra Space Storage from $181.00 to $178.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. Royal Bank of Canada cut their target price on shares of Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 1st. Finally, Benchmark cut their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $159.38.

Extra Space Storage Stock Performance

EXR opened at $150.89 on Monday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The company’s fifty day moving average price is $143.60 and its two-hundred day moving average price is $150.82. Extra Space Storage Inc. has a 1-year low of $121.03 and a 1-year high of $184.87. The company has a market cap of $32.02 billion, a price-to-earnings ratio of 39.50, a PEG ratio of 7.76 and a beta of 1.14.

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 for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. During the same quarter in the prior year, the company posted $1.96 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. On average, analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $6.48 annualized dividend and a yield of 4.29%. Extra Space Storage’s payout ratio is 150.35%.

Insiders Place Their Bets

In other news, Director Joseph J. Bonner sold 672 shares of the stock in a transaction dated Thursday, March 13th. The shares were 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 owns 4,557 shares in the company, 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 this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the completion of the sale, the chief executive officer now owns 9,190 shares of the company’s stock, valued at approximately $1,355,065.50. This represents a 44.94% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.96% of the company’s stock.

Extra Space Storage 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.