Extra Space Storage Inc. (NYSE:EXR) Director Sells $507,009.36 in Stock

Extra Space Storage Inc. (NYSE:EXR) Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the sale, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Extra Space Storage Price Performance

NYSE:EXR traded up $0.55 during mid-day trading on Tuesday, reaching $165.45. The stock had a trading volume of 922,283 shares, compared to its average volume of 1,035,798. The stock has a market capitalization of $35.07 billion, a P/E ratio of 43.14, a P/E/G ratio of 8.29 and a beta of 0.87. The firm has a 50 day moving average price of $171.30 and a two-hundred day moving average price of $163.00. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage Inc. has a one year low of $125.32 and a one year high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Extra Space Storage’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.02 EPS. As a group, analysts expect that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 3.92%. Extra Space Storage’s payout ratio is currently 169.63%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Evercore ISI reduced their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Scotiabank upped their price objective on shares of Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a report on Thursday, August 22nd. Raymond James raised their target price on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Finally, Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Extra Space Storage currently has an average rating of “Hold” and an average price target of $171.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. EdgeRock Capital LLC purchased a new stake in Extra Space Storage during the 2nd quarter valued at $25,000. Centerpoint Advisors LLC bought a new position in shares of Extra Space Storage during the second quarter valued at about $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Extra Space Storage during the third quarter worth about $33,000. Blue Trust Inc. grew its stake in shares of Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 200 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in Extra Space Storage during the 3rd quarter valued at about $42,000. Institutional investors own 99.11% 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.