Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 20.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 560,613 shares of the real estate investment trust's stock after selling 147,373 shares during the quarter. Bank of America Corp DE owned about 0.26% of Extra Space Storage worth $83,868,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new stake in Extra Space Storage during the fourth quarter worth $25,000. Harbour Investments Inc. increased its stake in Extra Space Storage by 90.9% during the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 80 shares during the last quarter. Quent Capital LLC increased its stake in Extra Space Storage by 89.0% during the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 154 shares during the last quarter. Asset Planning Inc acquired a new stake in Extra Space Storage during the fourth quarter worth $52,000. Finally, Quarry LP increased its stake in Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after acquiring an additional 217 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company's stock.

Extra Space Storage Stock Up 2.2%

NYSE:EXR traded up $3.22 during midday trading on Friday, reaching $151.80. The company had a trading volume of 646,593 shares, compared to its average volume of 1,056,630. The firm has a market capitalization of $32.21 billion, a price-to-earnings ratio of 39.74, a PEG ratio of 7.76 and a beta of 1.14. The stock's fifty day simple moving average is $143.10 and its 200-day simple moving average is $152.00. Extra Space Storage Inc. has a 12-month low of $121.03 and a 12-month high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.96 by $0.04. The firm had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Extra Space Storage's revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business posted $1.96 earnings per share. On average, sell-side analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date was Friday, March 14th. Extra Space Storage's dividend payout ratio (DPR) is 150.35%.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction 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. The trade was a 44.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph J. Bonner sold 672 shares of Extra Space Storage stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the sale, the director now owns 4,557 shares in the company, valued at $679,448.70. This trade represents a 12.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,392 shares of company stock valued at $1,392,315 in the last ninety days. Insiders own 0.96% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Benchmark dropped their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday. Wells Fargo & Company dropped their price objective on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. Evercore ISI lifted their price objective on Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a research note on Thursday, May 1st. Royal Bank of Canada dropped their price objective on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating for the company in a research note on Thursday, May 1st. Finally, Bank of America lifted their price objective on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research note on Tuesday. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $158.46.

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.