Hartline Investment Corp Trims Stake in Extra Space Storage Inc. (NYSE:EXR)

Hartline Investment Corp lowered its position in Extra Space Storage Inc. (NYSE:EXR) by 1.1% during the 4th quarter, HoldingsChannel reports. The fund owned 8,051 shares of the real estate investment trust’s stock after selling 93 shares during the period. Hartline Investment Corp’s holdings in Extra Space Storage were worth $1,291,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Zions Bancorporation N.A. raised its stake in shares of Extra Space Storage by 241.9% in the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 150 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 143 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Extra Space Storage in the third quarter valued at $32,000. Anchor Investment Management LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at $35,000. Finally, Riverview Trust Co purchased a new stake in shares of Extra Space Storage in the third quarter valued at $38,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on EXR. Scotiabank began coverage on shares of Extra Space Storage in a report on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 price target on the stock. TheStreet upgraded shares of Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Wells Fargo & Company upped their price target on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Friday, April 5th. Truist Financial upped their price target on shares of Extra Space Storage from $138.00 to $152.00 and gave the stock a “hold” rating in a report on Thursday, December 28th. Finally, StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. 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, the stock has a consensus rating of “Hold” and an average price target of $150.17.

Extra Space Storage Stock Up 1.0 %

Extra Space Storage stock traded up $1.36 during midday trading on Wednesday, hitting $134.64. 1,147,466 shares of the company’s stock were exchanged, compared to its average volume of 1,175,786. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $164.99. The company has a market cap of $28.49 billion, a PE ratio of 27.37, a P/E/G ratio of 3.26 and a beta of 0.74. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a 50-day moving average of $142.28 and a two-hundred day moving average of $138.03.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results 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). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The firm had revenue of $797.77 million during the quarter, compared to the consensus estimate of $778.05 million. During the same quarter in the prior year, the business posted $2.09 earnings per share. The firm’s quarterly revenue was up 57.4% on a year-over-year basis. As a group, analysts expect that Extra Space Storage Inc. will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is currently 131.17%.

Insider Activity

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

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.