Davis Selected Advisers Reduces Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Davis Selected Advisers trimmed its holdings in Extra Space Storage Inc. (NYSE:EXR) by 0.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,085 shares of the real estate investment trust’s stock after selling 410 shares during the period. Davis Selected Advisers’ holdings in Extra Space Storage were worth $9,138,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Andra AP fonden boosted its stake in shares of Extra Space Storage by 202.8% during the 4th quarter. Andra AP fonden now owns 42,700 shares of the real estate investment trust’s stock worth $6,388,000 after purchasing an additional 28,600 shares during the period. Candriam S.C.A. lifted its holdings in shares of Extra Space Storage by 9.2% during the 4th quarter. Candriam S.C.A. now owns 14,507 shares of the real estate investment trust’s stock valued at $2,170,000 after purchasing an additional 1,228 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of Extra Space Storage by 14.9% during the fourth quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust’s stock worth $78,000 after acquiring an additional 68 shares during the last quarter. Carmel Capital Partners LLC grew its position in Extra Space Storage by 4.0% during the 4th quarter. Carmel Capital Partners LLC now owns 4,420 shares of the real estate investment trust’s stock worth $661,000 after purchasing an additional 170 shares during the last quarter. Finally, McDonough Capital Management Inc grew its stake in Extra Space Storage by 7.7% during the 4th quarter. McDonough Capital Management Inc now owns 8,983 shares of the real estate investment trust’s stock valued at $1,344,000 after purchasing an additional 639 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on EXR shares. Barclays dropped their target price on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday. Royal Bank of Canada lowered their target price on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. Scotiabank dropped their price objective on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Finally, Truist Financial raised their target price on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Extra Space Storage presently has a consensus rating of “Hold” and an average price target of $171.36.

Insider Buying and Selling at Extra Space Storage

In other news, EVP William N. Springer sold 1,220 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the transaction, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Extra Space Storage Trading Up 1.3 %

Shares of NYSE:EXR opened at $157.11 on Friday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average price is $152.91 and its 200 day moving average price is $163.07. The company has a market cap of $33.31 billion, a PE ratio of 41.13, a P/E/G ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87.

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

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.12%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s payout ratio is currently 160.40%.

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.