Sound View Wealth Advisors Group LLC Cuts Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Sound View Wealth Advisors Group LLC trimmed its stake in Extra Space Storage Inc. (NYSE:EXR) by 77.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,906 shares of the real estate investment trust’s stock after selling 6,419 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Extra Space Storage were worth $285,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Golden State Wealth Management LLC bought a new stake in Extra Space Storage during the fourth quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Extra Space Storage during the 3rd quarter valued at about $33,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Extra Space Storage during the 3rd quarter valued at about $42,000. Quent Capital LLC lifted its position in Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 154 shares during the last quarter. Finally, Asset Planning Inc purchased a new stake in Extra Space Storage in the fourth quarter worth approximately $52,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Trading Down 1.1 %

NYSE EXR opened at $155.60 on Tuesday. The firm has a market capitalization of $32.99 billion, a PE ratio of 40.73, a P/E/G ratio of 7.76 and a beta of 0.90. The stock’s 50 day moving average is $153.08 and its 200 day moving average is $162.84. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87. 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 (NYSE:EXR) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The firm had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Research analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend is Friday, March 14th. Extra Space Storage’s dividend payout ratio is 160.40%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on EXR shares. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a report on Thursday. Royal Bank of Canada lowered their price target on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. 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. Wells Fargo & Company lowered their target price on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Finally, StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Extra Space Storage currently has an average rating of “Hold” and a consensus target price of $171.36.

Insider Activity

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares in the company, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the completion of the sale, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

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.