M&T Bank Corp Sells 4,027 Shares of Extra Space Storage Inc (NYSE:EXR)

M&T Bank Corp reduced its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 10.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 34,957 shares of the real estate investment trust's stock after selling 4,027 shares during the quarter. M&T Bank Corp's holdings in Extra Space Storage were worth $5,191,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Harbour Investments Inc. boosted 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 buying an additional 80 shares in the last quarter. Quarry LP boosted 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 buying an additional 217 shares in the last quarter. Golden State Wealth Management LLC boosted 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 buying an additional 241 shares in the last quarter. Parvin Asset Management LLC bought a new stake in Extra Space Storage in the 4th quarter valued at about $62,000. Finally, Wayfinding Financial LLC bought a new stake in Extra Space Storage in the 1st quarter valued at about $76,000. 99.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

EXR has been the subject of a number of research analyst reports. Evercore ISI boosted their target price on Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a research report on Thursday, May 1st. BNP Paribas Exane initiated coverage on Extra Space Storage in a research report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price for the company. Benchmark decreased their target price on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. BNP Paribas raised Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Finally, Bank of America boosted their target price on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Extra Space Storage presently has an average rating of "Hold" and an average price target of $159.29.

Insider Activity

In other Extra Space Storage 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 sale, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.96% of the stock is currently owned by corporate insiders.

Extra Space Storage Stock Performance

NYSE EXR traded up $1.18 during trading hours on Friday, reaching $150.00. 1,142,660 shares of the company were exchanged, compared to its average volume of 1,070,661. The stock has a market capitalization of $31.83 billion, a P/E ratio of 34.80, a P/E/G ratio of 3.61 and a beta of 1.10. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.85. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87. The business's 50 day simple moving average is $148.86 and its 200-day simple moving average is $148.39.

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, beating analysts' consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The firm had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. During the same period in the prior year, the firm earned $1.96 EPS. The company's revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $1.62 per share. The ex-dividend date was Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.32%. Extra Space Storage's dividend payout ratio is currently 150.35%.

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.