Extra Space Storage Inc. (NYSE:EXR) Shares Sold by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. lessened its stake in Extra Space Storage Inc. (NYSE:EXR) by 11.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 2,187 shares of the real estate investment trust’s stock after selling 292 shares during the period. First Citizens Bank & Trust Co.’s holdings in Extra Space Storage were worth $327,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage in the third quarter valued at $33,000. Harvest Fund Management Co. Ltd acquired a new position in Extra Space Storage in the 3rd quarter valued at about $42,000. Continuum Advisory LLC increased its stake in Extra Space Storage by 68.1% during the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 126 shares during the period. Sunbelt Securities Inc. lifted its position in shares of Extra Space Storage by 441.2% during the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock worth $96,000 after purchasing an additional 503 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. purchased a new position in shares of Extra Space Storage in the third quarter valued at approximately $129,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Activity

In other news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the transaction, the director now directly owns 5,877 shares in the company, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the sale, the chief executive officer now owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock opened at $155.02 on Wednesday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 52 week low of $131.02 and a 52 week high of $184.87. The firm’s 50 day moving average is $155.79 and its two-hundred day moving average is $164.86. The firm has a market capitalization of $32.86 billion, a P/E ratio of 40.58, a P/E/G ratio of 7.48 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate 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 company had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. During the same quarter in the prior year, the business earned $2.02 earnings per share. Extra Space Storage’s revenue was up 10.2% compared to the same quarter last year. Research analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 169.63%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on EXR. Truist Financial upped their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Barclays reduced their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday. Evercore ISI cut their price target on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average price target of $171.25.

Extra Space Storage Company 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.