Fiduciary Group LLC Cuts Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Fiduciary Group LLC trimmed its position in Extra Space Storage Inc. (NYSE:EXR) by 36.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,059 shares of the real estate investment trust’s stock after selling 1,187 shares during the period. Fiduciary Group LLC’s holdings in Extra Space Storage were worth $330,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Extra Space Storage by 17.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,087 shares of the real estate investment trust’s stock worth $18,933,000 after buying an additional 17,163 shares during the last quarter. NewEdge Wealth LLC acquired a new stake in shares of Extra Space Storage in the third quarter valued at approximately $341,000. Vanguard Personalized Indexing Management LLC increased its stake in shares of Extra Space Storage by 110.8% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 11,914 shares of the real estate investment trust’s stock worth $1,448,000 after purchasing an additional 6,262 shares in the last quarter. Daiwa Securities Group Inc. raised its position in shares of Extra Space Storage by 8.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,724,293 shares of the real estate investment trust’s stock worth $436,786,000 after purchasing an additional 211,395 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Extra Space Storage by 55.7% during the third quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock worth $4,095,585,000 after buying an additional 12,055,172 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insiders Place Their Bets

In other news, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the transaction, the chief marketing officer now owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the sale, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock valued at $514,819 over the last three months. Company insiders own 1.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on EXR. Barclays started coverage on Extra Space Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $157.00 price objective on the stock. Raymond James reissued an “outperform” rating and issued a $160.00 price objective on shares of Extra Space Storage in a research report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on Extra Space Storage in a research note on Tuesday, January 30th. They set a “hold” rating and a $141.00 price target on the stock. Wells Fargo & Company upped their price target on Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Finally, Scotiabank assumed coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $150.17.

Extra Space Storage Stock Performance

EXR stock opened at $137.38 on Tuesday. The stock’s 50 day simple moving average is $141.78 and its 200 day simple moving average is $138.42. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $164.99. The firm has a market cap of $29.07 billion, a P/E ratio of 27.81, a P/E/G ratio of 3.28 and a beta of 0.74. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The business had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. During the same quarter in the previous year, the firm earned $2.09 EPS. The firm’s revenue for the quarter was up 57.4% on a year-over-year basis. As a group, equities research analysts predict that Extra Space Storage Inc. will post 8.05 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.72%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s payout ratio is 131.17%.

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.