Parkside Financial Bank & Trust Increases Stake in Extra Space Storage Inc. (NYSE:EXR)

Parkside Financial Bank & Trust raised its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 30.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 515 shares of the real estate investment trust’s stock after buying an additional 119 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Extra Space Storage were worth $83,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Cetera Trust Company N.A purchased a new stake in Extra Space Storage during the 4th quarter valued at approximately $275,000. Handelsbanken Fonder AB grew its holdings in Extra Space Storage by 18.0% during the 4th quarter. Handelsbanken Fonder AB now owns 89,450 shares of the real estate investment trust’s stock valued at $14,342,000 after buying an additional 13,669 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Extra Space Storage by 1.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 56,083 shares of the real estate investment trust’s stock valued at $8,992,000 after buying an additional 674 shares in the last quarter. Carmel Capital Partners LLC grew its holdings in Extra Space Storage by 8.2% during the 4th quarter. Carmel Capital Partners LLC now owns 3,978 shares of the real estate investment trust’s stock valued at $638,000 after buying an additional 302 shares in the last quarter. Finally, abrdn plc grew its holdings in Extra Space Storage by 141.3% during the 4th quarter. abrdn plc now owns 231,409 shares of the real estate investment trust’s stock valued at $37,102,000 after buying an additional 135,497 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on EXR. Scotiabank began coverage on Extra Space Storage in a research report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 target price for the company. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. Barclays began coverage on Extra Space Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $157.00 target price for the company. Raymond James reiterated an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a research report on Thursday, March 28th. Finally, Wells Fargo & Company increased their target price on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $150.17.

Extra Space Storage Stock Down 0.6 %

Shares of EXR opened at $133.83 on Friday. The company has a market cap of $28.32 billion, a PE ratio of 27.09, a P/E/G ratio of 3.31 and a beta of 0.74. The business has a fifty day moving average of $142.03 and a 200 day moving average of $137.98. Extra Space Storage Inc. has a 52-week low of $101.19 and a 52-week high of $164.99. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The company 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 earned $2.09 earnings per share. The firm’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, sell-side analysts expect that Extra Space Storage Inc. will post 8.05 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.84%. Extra Space Storage’s dividend payout ratio (DPR) is 131.17%.

Insider Transactions at Extra Space Storage

In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction on Monday, March 4th. The stock was 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 of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,532 shares of company stock worth $514,819. 1.36% of the stock is currently owned by insiders.

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.