Silvercrest Asset Management Group LLC Sells 829 Shares of Extra Space Storage Inc. (NYSE:EXR)

Silvercrest Asset Management Group LLC lowered its holdings in Extra Space Storage Inc. (NYSE:EXR) by 0.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 189,312 shares of the real estate investment trust’s stock after selling 829 shares during the quarter. Silvercrest Asset Management Group LLC owned approximately 0.09% of Extra Space Storage worth $27,829,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of EXR. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Extra Space Storage by 17.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,087 shares of the real estate investment trust’s stock worth $18,933,000 after buying an additional 17,163 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Extra Space Storage during the 4th quarter worth $3,304,000. Daiwa Securities Group Inc. lifted its stake in shares of Extra Space Storage by 8.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,724,293 shares of the real estate investment trust’s stock worth $436,786,000 after purchasing an additional 211,395 shares during the last quarter. Pallas Capital Advisors LLC bought a new stake in Extra Space Storage during the fourth quarter valued at about $1,287,000. Finally, State of Tennessee Treasury Department grew its stake in Extra Space Storage by 252.1% in the fourth quarter. State of Tennessee Treasury Department now owns 114,819 shares of the real estate investment trust’s stock valued at $18,409,000 after purchasing an additional 82,207 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Scotiabank raised their price target on shares of Extra Space Storage from $140.00 to $159.00 and gave the company a “sector underperform” rating in a report on Friday, July 19th. Wells Fargo & Company raised their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday. Raymond James upped their price target on Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Barclays raised their price objective on Extra Space Storage from $157.00 to $158.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Finally, Citigroup reduced their target price on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $157.67.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the sale, the chief executive officer now owns 31,690 shares in the company, valued at $4,835,260.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the transaction, the chief executive officer now directly owns 31,690 shares in the company, valued at approximately $4,835,260.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the sale, the director now owns 5,229 shares in the company, valued at approximately $775,042.38. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.

Extra Space Storage Stock Performance

Shares of EXR stock traded down $1.01 during trading hours on Tuesday, hitting $162.98. The company’s stock had a trading volume of 463,448 shares, compared to its average volume of 1,069,646. The stock has a market cap of $34.51 billion, a PE ratio of 36.52, a price-to-earnings-growth ratio of 3.47 and a beta of 0.83. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $171.46. The company has a 50 day moving average of $154.65 and a 200 day moving average of $147.31. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.73.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.98%. The ex-dividend date of this dividend was Friday, June 14th. Extra Space Storage’s payout ratio is 144.32%.

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.