Extra Space Storage Inc. (NYSE:EXR) Stock Position Lessened by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its holdings in Extra Space Storage Inc. (NYSE:EXR) by 2.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 334,179 shares of the real estate investment trust’s stock after selling 7,359 shares during the quarter. PNC Financial Services Group Inc. owned 0.16% of Extra Space Storage worth $49,993,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of EXR. Farther Finance Advisors LLC grew its stake in shares of Extra Space Storage by 39.6% in the third quarter. Farther Finance Advisors LLC now owns 1,277 shares of the real estate investment trust’s stock worth $230,000 after purchasing an additional 362 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Extra Space Storage by 35.6% in the third quarter. QRG Capital Management Inc. now owns 2,769 shares of the real estate investment trust’s stock valued at $499,000 after buying an additional 727 shares during the period. Concurrent Investment Advisors LLC acquired a new stake in shares of Extra Space Storage in the third quarter valued at $221,000. M&G PLC acquired a new stake in shares of Extra Space Storage in the third quarter valued at $210,000. Finally, Graypoint LLC lifted its holdings in shares of Extra Space Storage by 4.3% in the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock valued at $284,000 after buying an additional 65 shares during the period. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Trading Up 1.3 %

Shares of NYSE EXR opened at $157.11 on Monday. The company has a market cap of $33.31 billion, a price-to-earnings ratio of 41.13, a P/E/G ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a 12 month low of $131.02 and a 12 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. The business has a fifty day simple moving average of $152.91 and a 200-day simple moving average of $162.97.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.93. The firm had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Sell-side analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.12%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s payout ratio is 160.40%.

Insider Activity at Extra Space Storage

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 stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. The trade was a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on EXR. Barclays cut their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Truist Financial upped their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Scotiabank cut their price objective on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Wells Fargo & Company cut their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Finally, StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $171.36.

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.