SMART Wealth LLC Trims Stake in Extra Space Storage Inc. (NYSE:EXR)

SMART Wealth LLC lessened its holdings in Extra Space Storage Inc. (NYSE:EXR) by 53.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,325 shares of the real estate investment trust’s stock after selling 2,620 shares during the quarter. SMART Wealth LLC’s holdings in Extra Space Storage were worth $348,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in shares of Extra Space Storage in the 3rd quarter valued at about $33,000. Harvest Fund Management Co. Ltd bought a new position in shares of Extra Space Storage in the third quarter worth approximately $42,000. Continuum Advisory LLC raised its stake in Extra Space Storage by 68.1% in the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 126 shares in the last quarter. DiNuzzo Private Wealth Inc. bought a new stake in Extra Space Storage during the third quarter valued at approximately $129,000. Finally, Exchange Traded Concepts LLC grew its stake in Extra Space Storage by 13.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 861 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 104 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EXR. StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Scotiabank upgraded Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target on the stock in a research report on Friday, January 10th. Barclays cut their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Truist Financial raised their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $174.00.

Extra Space Storage Price Performance

EXR stock opened at $155.87 on Friday. 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 firm’s 50-day moving average price is $153.70 and its two-hundred day moving average price is $164.32. The stock has a market capitalization of $33.04 billion, a price-to-earnings ratio of 40.80, a PEG ratio of 7.67 and a beta of 0.91. Extra Space Storage Inc. has a 12-month low of $131.02 and a 12-month high of $184.87.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 169.63%.

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.