Bank of New York Mellon Corp Reduces Stock Position in Extra Space Storage Inc (NYSE:EXR)

Bank of New York Mellon Corp lowered its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 3.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,364,467 shares of the real estate investment trust's stock after selling 49,909 shares during the quarter. Bank of New York Mellon Corp owned 0.64% of Extra Space Storage worth $202,610,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aptus Capital Advisors LLC increased its holdings 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 acquiring an additional 68 shares during the last quarter. Siemens Fonds Invest GmbH increased its holdings 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 acquiring an additional 68 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Extra Space Storage by 5.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,327 shares of the real estate investment trust's stock valued at $199,000 after acquiring an additional 73 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in Extra Space Storage by 8.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust's stock valued at $139,000 after acquiring an additional 73 shares during the last quarter. Finally, Harbour Investments Inc. increased its holdings in Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. BNP Paribas Exane assumed coverage on shares of Extra Space Storage in a report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price target on the stock. Scotiabank lifted their price target on shares of Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Benchmark reduced their price target on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Evercore ISI lifted their price target on shares of Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Extra Space Storage has a consensus rating of "Hold" and an average price target of $159.29.

Extra Space Storage Stock Down 2.6%

Shares of NYSE EXR opened at $148.86 on Tuesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.33 and a quick ratio of 0.33. The company has a market cap of $31.59 billion, a P/E ratio of 34.54, a PEG ratio of 3.71 and a beta of 1.10. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87. The firm has a 50-day simple moving average of $148.64 and a two-hundred day simple moving average of $148.37.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.04. The business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The firm's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.96 earnings per share. Research analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.35%. The ex-dividend date was Monday, June 16th. Extra Space Storage's payout ratio is currently 150.35%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the sale, the chief executive officer directly owned 27,260 shares of the company's stock, valued at $4,098,541. The trade was a 21.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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.

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