Argent Capital Management LLC Decreases Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Argent Capital Management LLC lowered its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 2.0% in the fourth quarter, HoldingsChannel reports. The fund owned 125,916 shares of the real estate investment trust’s stock after selling 2,537 shares during the quarter. Argent Capital Management LLC’s holdings in Extra Space Storage were worth $18,837,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Tidal Investments LLC boosted its holdings in Extra Space Storage by 34.4% in the 3rd quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock worth $2,278,000 after acquiring an additional 3,234 shares during the period. Swedbank AB increased its holdings in shares of Extra Space Storage by 4.5% during the third quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock valued at $43,810,000 after purchasing an additional 10,408 shares during the period. Duff & Phelps Investment Management Co. increased its holdings in shares of Extra Space Storage by 9.5% during the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock valued at $6,397,000 after purchasing an additional 3,093 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Extra Space Storage by 724.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock worth $357,100,000 after acquiring an additional 1,741,320 shares during the period. Finally, Brown Financial Advisors grew its holdings in Extra Space Storage by 69.1% during the third quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock worth $1,646,000 after acquiring an additional 3,731 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Activity

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the sale, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the sale, the director now owns 5,877 shares in the company, valued at $967,119.12. The trade was a 34.39 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

EXR has been the subject of a number of research reports. Scotiabank upgraded Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective for the company in a research report on Friday, January 10th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Barclays decreased their price target on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday. Truist Financial boosted their price objective on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Finally, StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average price target of $171.25.

Extra Space Storage Trading Up 0.5 %

Shares of EXR stock opened at $149.51 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The company has a market cap of $31.69 billion, a PE ratio of 39.14, a P/E/G ratio of 7.18 and a beta of 0.91. The stock’s fifty day moving average price is $157.83 and its two-hundred day moving average price is $164.93.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The company had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 EPS. Equities analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.33%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage’s dividend payout ratio is presently 169.63%.

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.