Amalgamated Bank Trims Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Amalgamated Bank lessened its stake in Extra Space Storage Inc. (NYSE:EXR) by 2.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 40,535 shares of the real estate investment trust’s stock after selling 962 shares during the period. Amalgamated Bank’s holdings in Extra Space Storage were worth $6,064,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brown Financial Advisors lifted its holdings in Extra Space Storage by 5.8% in the fourth quarter. Brown Financial Advisors now owns 9,666 shares of the real estate investment trust’s stock valued at $1,446,000 after acquiring an additional 532 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of Extra Space Storage by 8.2% in the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 40,956 shares of the real estate investment trust’s stock valued at $6,127,000 after purchasing an additional 3,100 shares during the period. Navellier & Associates Inc. boosted its holdings in Extra Space Storage by 34.0% during the fourth quarter. Navellier & Associates Inc. now owns 3,856 shares of the real estate investment trust’s stock worth $577,000 after buying an additional 979 shares in the last quarter. Allianz Asset Management GmbH grew its position in Extra Space Storage by 0.7% during the fourth quarter. Allianz Asset Management GmbH now owns 168,623 shares of the real estate investment trust’s stock valued at $25,226,000 after buying an additional 1,143 shares during the period. Finally, ING Groep NV purchased a new position in Extra Space Storage in the fourth quarter valued at $4,050,000. 99.11% of the stock is owned by institutional investors and hedge funds.

Extra Space Storage Trading Down 4.5 %

Shares of EXR stock opened at $154.05 on Thursday. 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 debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The stock’s fifty day moving average is $151.94 and its two-hundred day moving average is $163.62. The firm has a market capitalization of $32.66 billion, a P/E ratio of 40.33, a PEG ratio of 7.76 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Research analysts expect that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $1.62 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.21%. Extra Space Storage’s dividend payout ratio (DPR) is presently 169.63%.

Analysts Set New Price Targets

Several research firms have recently issued reports on EXR. Barclays lowered their target price on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective on the stock in a report on Friday, January 10th. Truist Financial upped their target price 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. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company reduced their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Extra Space Storage presently has an average rating of “Hold” and a consensus target price of $173.09.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’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 directly owns 16,690 shares in the company, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.36% 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.