Bleakley Financial Group LLC Sells 164 Shares of Extra Space Storage Inc. (NYSE:EXR)

Bleakley Financial Group LLC reduced its stake in Extra Space Storage Inc. (NYSE:EXR) by 9.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,495 shares of the real estate investment trust’s stock after selling 164 shares during the quarter. Bleakley Financial Group LLC’s holdings in Extra Space Storage were worth $240,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in EXR. Vanguard Group Inc. lifted its position in shares of Extra Space Storage by 55.7% in the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock worth $4,095,585,000 after purchasing an additional 12,055,172 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Extra Space Storage by 599.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock worth $406,781,000 after purchasing an additional 2,867,657 shares during the period. Norges Bank purchased a new stake in shares of Extra Space Storage in the 4th quarter worth approximately $380,823,000. Diamond Hill Capital Management Inc. purchased a new stake in shares of Extra Space Storage in the 3rd quarter worth approximately $173,621,000. Finally, First Eagle Investment Management LLC lifted its position in shares of Extra Space Storage by 233,362.8% in the 3rd quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock worth $160,940,000 after purchasing an additional 1,323,167 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EXR has been the subject of several research reports. Scotiabank began coverage on shares of Extra Space Storage in a research report on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 price target for the company. Wells Fargo & Company increased their target price on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. TheStreet raised shares of Extra Space Storage from a “c+” rating to a “b-” rating in a research report on Thursday, January 11th. The Goldman Sachs Group increased their target price on shares of Extra Space Storage from $168.00 to $187.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Finally, Morgan Stanley raised shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $115.00 to $150.00 in a research report on Thursday, December 21st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $150.17.

Extra Space Storage Stock Down 2.1 %

NYSE:EXR opened at $137.73 on Tuesday. The firm has a market capitalization of $29.15 billion, a P/E ratio of 27.88, a PEG ratio of 3.46 and a beta of 0.74. Extra Space Storage Inc. has a 1-year low of $101.19 and a 1-year high of $164.99. The company’s fifty day moving average price is $143.24 and its 200-day moving average price is $137.36. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The business had revenue of $797.77 million during the quarter, compared to analyst estimates of $778.05 million. Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The firm’s revenue was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.09 EPS. As a group, equities research analysts anticipate that Extra Space Storage Inc. will post 8.05 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $1.62 dividend. The ex-dividend date was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.70%. Extra Space Storage’s payout ratio is currently 131.17%.

Insider Transactions at Extra Space Storage

In other news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares in the company, valued at approximately $5,369,060. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock worth $514,819 over the last 90 days. 1.36% of the stock is currently owned by company insiders.

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.