Penobscot Investment Management Company Inc. Reduces Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Penobscot Investment Management Company Inc. trimmed its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 24.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 6,407 shares of the real estate investment trust’s stock after selling 2,058 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Extra Space Storage were worth $1,027,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Simplicity Solutions LLC bought a new position in shares of Extra Space Storage during the 3rd quarter worth $202,000. Valeo Financial Advisors LLC bought a new position in shares of Extra Space Storage during the third quarter valued at approximately $224,000. Commonwealth Equity Services LLC grew its stake in Extra Space Storage by 31.1% in the third quarter. Commonwealth Equity Services LLC now owns 15,079 shares of the real estate investment trust’s stock valued at $1,833,000 after purchasing an additional 3,574 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in Extra Space Storage by 46.0% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 43,156 shares of the real estate investment trust’s stock worth $5,247,000 after purchasing an additional 13,600 shares in the last quarter. Finally, Cigna Investments Inc. New lifted its position in shares of Extra Space Storage by 37.6% during the third quarter. Cigna Investments Inc. New now owns 2,224 shares of the real estate investment trust’s stock valued at $270,000 after buying an additional 608 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value 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 approximately $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold a total of 3,532 shares of company stock worth $514,819 over the last quarter. 1.36% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

EXR has been the subject of several recent analyst reports. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, March 2nd. Scotiabank assumed coverage on Extra Space Storage in a research note on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 price target on the stock. Wells Fargo & Company increased their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. TheStreet upgraded shares of Extra Space Storage from a “c+” rating to a “b-” rating in a research note on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Extra Space Storage in a report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $150.17.

Extra Space Storage Stock Down 2.3 %

Shares of EXR opened at $134.27 on Wednesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. The firm has a market cap of $28.41 billion, a P/E ratio of 27.18, a PEG ratio of 3.37 and a beta of 0.74. The stock’s 50 day moving average is $141.64 and its two-hundred day moving average is $138.54. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $164.99.

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

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.83%. Extra Space Storage’s payout ratio is currently 131.17%.

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.