Empirical Financial Services LLC d.b.a. Empirical Wealth Management Sells 1,060 Shares of Extra Space Storage Inc. (NYSE:EXR)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management cut its position in Extra Space Storage Inc. (NYSE:EXR) by 31.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,295 shares of the real estate investment trust’s stock after selling 1,060 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Extra Space Storage were worth $368,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in 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 worth $4,095,585,000 after buying an additional 12,055,172 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Extra Space Storage by 599.8% in the third quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock worth $406,781,000 after purchasing an additional 2,867,657 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in Extra Space Storage in the third quarter valued at $173,621,000. First Eagle Investment Management LLC raised its position in Extra Space Storage by 233,362.8% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock worth $160,940,000 after purchasing an additional 1,323,167 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Extra Space Storage by 22.1% during the 3rd quarter. Principal Financial Group Inc. now owns 6,505,834 shares of the real estate investment trust’s stock worth $790,975,000 after buying an additional 1,178,760 shares during the period. 99.11% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Extra Space Storage

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, 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 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 $13,785,693.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The disclosure for this sale can be found here. Insiders sold a total of 3,532 shares of company stock valued at $514,819 over the last ninety days. 1.36% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EXR. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. Raymond James reaffirmed an “outperform” rating and issued a $160.00 price objective on shares of Extra Space Storage in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Extra Space Storage in a research note on Tuesday, January 30th. They set a “hold” rating and a $141.00 target price for the company. TheStreet upgraded Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Finally, Scotiabank began coverage on Extra Space Storage in a research note on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 price objective on the stock. Two 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. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $149.67.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $140.95 on Thursday. Extra Space Storage Inc. has a twelve month low of $101.19 and a twelve month high of $164.99. The stock’s 50 day moving average is $141.74 and its 200-day moving average is $139.46. The company has a quick ratio of 0.30, a current ratio of 0.15 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $29.84 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 3.48 and a beta of 0.76.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data 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). The business had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. Extra Space Storage had a return on equity of 6.76% and a net margin of 29.10%. The business’s quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.09 EPS. Sell-side analysts forecast that Extra Space Storage Inc. will post 8.05 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed 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. This represents a $6.48 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is currently 144.32%.

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.