HM Payson & Co. Raises Stock Position in Extra Space Storage Inc. (NYSE:EXR)

HM Payson & Co. lifted its stake in Extra Space Storage Inc. (NYSE:EXR) by 948.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,572 shares of the real estate investment trust’s stock after buying an additional 1,422 shares during the quarter. HM Payson & Co.’s holdings in Extra Space Storage were worth $283,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Pathway Financial Advisers LLC raised its stake in Extra Space Storage by 17,832.9% in the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock worth $363,783,000 after buying an additional 2,007,626 shares in the last quarter. Boston Partners purchased a new position in shares of Extra Space Storage in the 1st quarter valued at approximately $130,554,000. Janus Henderson Group PLC boosted its position in shares of Extra Space Storage by 2,244.2% during the first quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock valued at $87,824,000 after purchasing an additional 572,231 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Extra Space Storage by 43.7% during the first quarter. Canada Pension Plan Investment Board now owns 1,557,135 shares of the real estate investment trust’s stock valued at $228,899,000 after purchasing an additional 473,559 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Extra Space Storage by 543.5% in the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock worth $61,724,000 after purchasing an additional 335,447 shares during the period. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Trading Down 1.3 %

Shares of NYSE:EXR opened at $161.13 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.20. Extra Space Storage Inc. has a 1 year low of $104.72 and a 1 year high of $184.87. The company has a market cap of $34.15 billion, a P/E ratio of 42.18, a PEG ratio of 6.20 and a beta of 0.86. The stock’s fifty day moving average price is $173.78 and its 200-day moving average price is $160.37.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same quarter in the prior year, the company posted $2.02 EPS. Extra Space Storage’s revenue was up 10.2% on a year-over-year basis. Sell-side analysts expect that Extra Space Storage Inc. will post 8.08 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.02%. The ex-dividend date was Monday, September 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Royal Bank of Canada initiated coverage on Extra Space Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. Scotiabank boosted their price objective on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $172.00 to $155.00 in a research note on Monday, August 5th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, Barclays raised their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage has an average rating of “Hold” and an average price target of $171.07.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Kenneth M. Woolley sold 6,647 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the sale, the director now directly owns 404,306 shares in the company, valued at approximately $71,655,152.38. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the sale, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,970 shares of company stock valued at $3,367,307. Company 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.