M&T Bank Corp Lowers Position in Extra Space Storage Inc (NYSE:EXR)

M&T Bank Corp lowered its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 10.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm 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.

Several other institutional investors have also added to or reduced their stakes in EXR. Cohen & Steers Inc. boosted its stake in shares of Extra Space Storage by 5.9% during the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after acquiring an additional 516,941 shares in the last quarter. Norges Bank purchased a new position in Extra Space Storage during the fourth quarter worth approximately $938,647,000. Dimensional Fund Advisors LP grew its holdings in Extra Space Storage by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock worth $469,229,000 after acquiring an additional 24,533 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Extra Space Storage by 3.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust's stock worth $458,520,000 after purchasing an additional 104,986 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Extra Space Storage by 48.7% during the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock valued at $430,107,000 after purchasing an additional 941,212 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Scotiabank lifted their target price on shares of Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Bank of America raised their price objective on shares of Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Barclays reduced their price target on shares of Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. raised their price target on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research note on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $159.29.

Extra Space Storage Trading Up 0.1%

Shares of EXR stock traded up $0.18 on Monday, hitting $150.42. The stock had a trading volume of 1,078,352 shares, compared to its average volume of 1,071,758. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.85. The company has a fifty day moving average price of $148.87 and a two-hundred day moving average price of $148.38. The firm has a market cap of $31.92 billion, a P/E ratio of 34.90, a PEG ratio of 3.64 and a beta of 1.10. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced 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 net margin of 27.84% and a return on equity of 6.11%. The business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. During the same quarter last year, the firm earned $1.96 earnings per share. Extra Space Storage's quarterly revenue was up 2.6% on a year-over-year basis. As a group, analysts forecast that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal 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 dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.31%. Extra Space Storage's dividend payout ratio is currently 150.35%.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following the transaction, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.96% of the company's stock.

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.