UMB Bank n.a. Decreases Position in Extra Space Storage Inc. (NYSE:EXR)

UMB Bank n.a. reduced its stake in Extra Space Storage Inc. (NYSE:EXR) by 10.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 742 shares of the real estate investment trust’s stock after selling 89 shares during the quarter. UMB Bank n.a.’s holdings in Extra Space Storage were worth $110,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at $25,000. Harbour Investments Inc. lifted its position in shares of Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 80 shares in the last quarter. Quent Capital LLC lifted its position in shares of Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 154 shares in the last quarter. Asset Planning Inc purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at $52,000. Finally, Quarry LP increased its stake in Extra Space Storage by 156.1% in the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 217 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Stock Performance

Shares of NYSE:EXR opened at $150.45 on Friday. The firm has a market capitalization of $31.93 billion, a PE ratio of 39.38, a P/E/G ratio of 7.76 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The business has a 50-day moving average of $144.80 and a two-hundred day moving average of $150.04. Extra Space Storage Inc. has a 12 month low of $121.03 and a 12 month high of $184.87.

Extra Space Storage (NYSE:EXR) last announced its quarterly 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. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. During the same period in the prior year, the firm posted $1.96 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. As a group, research analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.31%. Extra Space Storage’s dividend payout ratio (DPR) is currently 150.35%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the completion of the sale, the chief executive officer now owns 9,190 shares in the company, valued at approximately $1,355,065.50. This trade represents a 44.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.36% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Evercore ISI upped their target price on Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a research note on Thursday, May 1st. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Benchmark dropped their target price on Extra Space Storage from $61.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. Mizuho upped their target price on Extra Space Storage from $141.00 to $153.00 and gave the company an “outperform” rating in a research note on Wednesday, May 28th. Finally, Royal Bank of Canada dropped their target price on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating for the company in a research note on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $159.33.

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.