Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Cypress Capital Group

Cypress Capital Group decreased its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 2.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,108 shares of the real estate investment trust’s stock after selling 115 shares during the period. Cypress Capital Group’s holdings in Extra Space Storage were worth $920,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Massachusetts Financial Services Co. MA lifted its holdings in Extra Space Storage by 4.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock worth $551,586,000 after acquiring an additional 157,763 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Extra Space Storage by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock worth $485,973,000 after acquiring an additional 45,717 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in Extra Space Storage by 7.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after acquiring an additional 198,888 shares during the last quarter. Pathway Financial Advisers LLC lifted its holdings in Extra Space Storage by 17,832.9% in the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock worth $363,783,000 after acquiring an additional 2,007,626 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in Extra Space Storage by 20.5% in the second quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock worth $291,720,000 after acquiring an additional 319,965 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.

Insider Activity at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares in the company, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP William N. Springer sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. This trade represents a 14.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,228 shares of company stock valued at $3,374,617. 1.36% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on EXR. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Royal Bank of Canada began coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target on the stock. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and lifted their price target for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Scotiabank lifted their price target on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a report on Thursday, August 22nd. Finally, Truist Financial lifted their price target on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a report on Friday, August 16th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $171.50.

Extra Space Storage Stock Performance

Shares of EXR opened at $167.32 on Friday. The company has a 50-day moving average of $170.84 and a two-hundred day moving average of $163.18. The stock has a market cap of $35.47 billion, a price-to-earnings ratio of 43.80, a PEG ratio of 8.34 and a beta of 0.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage Inc. has a one year low of $125.32 and a one year high of $184.87.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. During the same period last year, the firm earned $2.02 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts expect that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.87%. Extra Space Storage’s payout ratio is 169.63%.

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.