Heitman Real Estate Securities LLC Trims Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Heitman Real Estate Securities LLC cut its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 2.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 454,594 shares of the real estate investment trust’s stock after selling 10,053 shares during the quarter. Extra Space Storage comprises 4.5% of Heitman Real Estate Securities LLC’s holdings, making the stock its 3rd biggest position. Heitman Real Estate Securities LLC’s holdings in Extra Space Storage were worth $81,913,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Atria Investments Inc lifted its holdings in Extra Space Storage by 11.3% during the 1st quarter. Atria Investments Inc now owns 8,081 shares of the real estate investment trust’s stock worth $1,188,000 after buying an additional 818 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Extra Space Storage by 658.1% during the 1st quarter. Cetera Investment Advisers now owns 45,450 shares of the real estate investment trust’s stock valued at $6,681,000 after purchasing an additional 39,455 shares during the last quarter. Cetera Advisors LLC bought a new position in shares of Extra Space Storage during the first quarter worth about $410,000. GAMMA Investing LLC raised its stake in Extra Space Storage by 97.3% during the 2nd quarter. GAMMA Investing LLC now owns 2,074 shares of the real estate investment trust’s stock worth $322,000 after buying an additional 1,023 shares during the period. Finally, First Hawaiian Bank purchased a new position in Extra Space Storage in the second quarter worth $437,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the sale, the director now directly owns 5,877 shares in the company, valued at $967,119.12. This represents a 34.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the transaction, the director now owns 404,306 shares of the company’s stock, valued at approximately $71,655,152.38. The trade was a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,228 shares of company stock worth $3,023,957. 1.36% of the stock is currently owned by company insiders.

Extra Space Storage Trading Down 0.8 %

Shares of EXR stock opened at $169.66 on Tuesday. Extra Space Storage Inc. has a 12-month low of $131.02 and a 12-month high of $184.87. The stock’s 50-day moving average price is $169.37 and its 200-day moving average price is $164.64. The stock has a market capitalization of $35.96 billion, a price-to-earnings ratio of 44.41, a price-to-earnings-growth ratio of 8.60 and a beta of 0.89. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. During the same quarter last year, the company earned $2.02 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts predict that Extra Space Storage Inc. will post 8.09 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.82%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s payout ratio is presently 169.63%.

Analyst Upgrades and Downgrades

EXR has been the topic of several analyst reports. KeyCorp lifted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Barclays lifted their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $172.00 to $155.00 in a research report on Monday, August 5th. Finally, Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and lifted their price target for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $171.36.

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.