Clifford Swan Investment Counsel LLC Sells 300 Shares of Extra Space Storage Inc. (NYSE:EXR)

Clifford Swan Investment Counsel LLC cut its holdings in Extra Space Storage Inc. (NYSE:EXR) by 12.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,027 shares of the real estate investment trust’s stock after selling 300 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in Extra Space Storage were worth $325,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Extra Space Storage by 17.0% in 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 purchasing an additional 17,163 shares in the last quarter. NewEdge Wealth LLC purchased a new stake in shares of Extra Space Storage during the 3rd quarter valued at about $341,000. Vanguard Personalized Indexing Management LLC raised its position 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 valued at $1,448,000 after buying 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 valued at $436,786,000 after buying an additional 211,395 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Extra Space Storage by 55.7% during the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after buying an additional 12,055,172 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Stock Performance

EXR stock traded up $0.81 during midday trading on Monday, hitting $142.68. 1,070,719 shares of the stock traded hands, compared to its average volume of 1,185,638. The firm has a market cap of $30.19 billion, a P/E ratio of 31.60, a PEG ratio of 3.48 and a beta of 0.76. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.30. The stock’s fifty day simple moving average is $141.56 and its 200-day simple moving average is $139.00. Extra Space Storage Inc. has a 1-year low of $101.19 and a 1-year high of $164.99.

Extra Space Storage (NYSE:EXR) last released 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). Extra Space Storage had a net margin of 29.10% and a return on equity of 6.76%. The firm had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. During the same quarter in the prior year, the business posted $2.09 EPS. The firm’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, analysts expect that Extra Space Storage Inc. will post 8.05 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $1.62 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.54%. Extra Space Storage’s dividend payout ratio (DPR) is 144.32%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EXR. Evercore ISI decreased their target price on shares of Extra Space Storage from $145.00 to $139.00 in a research report on Wednesday, May 1st. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, March 2nd. Raymond James reiterated an “outperform” rating and set a $160.00 price objective on shares of Extra Space Storage in a research note on Thursday, March 28th. TheStreet raised shares of Extra Space Storage from a “c+” rating to a “b-” rating in a research report on Thursday, January 11th. Finally, Scotiabank assumed coverage on shares of Extra Space Storage in a research report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $149.67.

Insider Activity

In other news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares in the company, valued at $13,785,693.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. 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 90 days. 1.36% of the stock is currently owned by company insiders.

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.