Insider Selling: Extra Space Storage Inc. (NYSE:EXR) CEO Sells 7,500 Shares of Stock

Extra Space Storage Inc. (NYSE:EXR) CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were 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 directly owns 9,190 shares of the company’s stock, valued at $1,355,065.50. This represents a 44.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Extra Space Storage Price Performance

Extra Space Storage stock traded down $3.31 during mid-day trading on Thursday, hitting $144.17. 1,529,944 shares of the company were exchanged, compared to its average volume of 1,054,203. The company has a market capitalization of $30.56 billion, a PE ratio of 37.74, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90. The business has a fifty day moving average of $152.17 and a 200 day moving average of $159.40. Extra Space Storage Inc. has a 1-year low of $131.02 and a 1-year high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The business had revenue of $821.90 million during the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. As a group, sell-side analysts expect that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 160.40%.

Analysts Set New Price Targets

A number of analysts have weighed in on EXR shares. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Scotiabank lowered their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Truist Financial raised their price objective on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Finally, Barclays lowered their price objective on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $171.09.

Institutional Investors Weigh In On Extra Space Storage

A number of large investors have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund raised its stake in shares of Extra Space Storage by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust’s stock worth $2,717,000 after acquiring an additional 66 shares during the last quarter. Wedge Capital Management L L P NC raised its position in Extra Space Storage by 1.3% in the 4th quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust’s stock worth $769,000 after purchasing an additional 68 shares during the last quarter. Lindbrook Capital LLC raised its position in Extra Space Storage by 14.9% in the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust’s stock worth $78,000 after purchasing an additional 68 shares during the last quarter. Aptus Capital Advisors LLC boosted its position in Extra Space Storage by 4.3% in the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust’s stock valued at $245,000 after buying an additional 68 shares during the last quarter. Finally, Siemens Fonds Invest GmbH boosted its position in Extra Space Storage by 3.0% in the 4th quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust’s stock valued at $342,000 after buying an additional 68 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

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.