Envestnet Asset Management Inc. Sells 16,062 Shares of Extra Space Storage Inc (NYSE:EXR)

Envestnet Asset Management Inc. trimmed its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 6.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 250,817 shares of the real estate investment trust's stock after selling 16,062 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.12% of Extra Space Storage worth $37,244,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EXR. Harbour Investments Inc. raised its holdings in shares of Extra Space Storage by 90.9% during the 4th 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 in the last quarter. Quarry LP raised its holdings in shares of Extra Space Storage by 156.1% during the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after acquiring an additional 217 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Extra Space Storage by 147.0% during the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after acquiring an additional 241 shares in the last quarter. Parvin Asset Management LLC purchased a new stake in shares of Extra Space Storage during the 4th quarter worth approximately $62,000. Finally, Wayfinding Financial LLC purchased a new stake in shares of Extra Space Storage during the 1st quarter worth approximately $76,000. 99.11% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the transaction, the chief executive officer owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This represents a 21.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.36% of the company's stock.

Extra Space Storage Stock Performance

EXR stock opened at $150.00 on Monday. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.85. The business's fifty day simple moving average is $148.87 and its two-hundred day simple moving average is $148.38. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87. The firm has a market cap of $31.83 billion, a price-to-earnings ratio of 34.80, a PEG ratio of 3.64 and a beta of 1.10.

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 for the quarter, topping analysts' consensus estimates of $1.96 by $0.04. Extra Space Storage had a return on equity of 6.11% and a net margin of 27.84%. The business had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. During the same quarter last year, the firm posted $1.96 earnings per share. The business's revenue was up 2.6% compared to the same quarter last year. Analysts predict 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 declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date was Monday, June 16th. Extra Space Storage's payout ratio is 150.35%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EXR. Bank of America upped their price objective on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. Mizuho upped their price objective on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Royal Bank Of Canada decreased their price objective on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating on the stock in a report on Thursday, May 1st. BNP Paribas Exane assumed coverage on Extra Space Storage in a report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 price target on the stock. Finally, BNP Paribas upgraded Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $159.29.

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.

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