Shell Asset Management Co. Sells 123 Shares of Extra Space Storage Inc. (NYSE:EXR)

Shell Asset Management Co. lessened its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 7.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,514 shares of the real estate investment trust’s stock after selling 123 shares during the period. Shell Asset Management Co.’s holdings in Extra Space Storage were worth $226,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada boosted its position in shares of Extra Space Storage by 55.1% during the 4th quarter. Royal Bank of Canada now owns 352,494 shares of the real estate investment trust’s stock valued at $52,733,000 after acquiring an additional 125,156 shares during the last quarter. Raiffeisen Bank International AG purchased a new stake in Extra Space Storage in the fourth quarter valued at approximately $196,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Extra Space Storage in the fourth quarter valued at approximately $403,000. Resolution Capital Ltd bought a new stake in Extra Space Storage during the fourth quarter valued at approximately $37,580,000. Finally, Point72 Asset Management L.P. purchased a new position in Extra Space Storage in the 4th quarter worth approximately $2,410,000. Institutional investors own 99.11% of the company’s stock.

Insider Buying and Selling at Extra Space Storage

In related news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares in the company, valued at $3,077,320.28. The trade was a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the transaction, the chief executive officer now directly owns 9,190 shares in the company, valued at approximately $1,355,065.50. The trade was a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,392 shares of company stock valued at $1,392,315 in the last 90 days. Insiders own 0.96% of the company’s stock.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $152.60 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage Inc. has a one year low of $121.03 and a one year high of $184.87. The business’s 50 day simple moving average is $143.17 and its two-hundred day simple moving average is $151.86. The stock has a market capitalization of $32.38 billion, a P/E ratio of 39.95, a price-to-earnings-growth ratio of 7.76 and a beta of 1.14.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping the consensus estimate of $1.96 by $0.04. The company had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.96 earnings per share. Analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $1.62 dividend. The ex-dividend date was Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.25%. Extra Space Storage’s payout ratio is presently 150.35%.

Wall Street Analysts Forecast Growth

EXR has been the topic of several research reports. Benchmark lowered their price objective on shares of Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. Wells Fargo & Company reduced their target price on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Bank of America raised their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a “neutral” rating in a research report on Tuesday, May 13th. Barclays cut their price objective on Extra Space Storage from $181.00 to $178.00 and set an “overweight” rating for the company in a report on Friday. Finally, Evercore ISI increased their price objective on Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a research report on Thursday, May 1st. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Extra Space Storage presently has an average rating of “Moderate Buy” and a consensus price target of $158.46.

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.