Extra Space Storage Inc (NYSE:EXR) Shares Sold by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC reduced its stake in Extra Space Storage Inc by 15.8% in the first quarter, owning 67,398 shares worth approximately $10 million after selling 12,632 shares.
• CEO Joseph D. Margolis sold 7,500 shares of the company's stock at an average price of $150.35, resulting in a 21.58% decrease in his ownership position.
• Extra Space Storage has declared a $1.62 quarterly dividend, translating to an annual yield of 4.7%, with a current dividend payout ratio of 140.56%.

New Age Alpha Advisors LLC cut its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 15.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,398 shares of the real estate investment trust's stock after selling 12,632 shares during the period. New Age Alpha Advisors LLC's holdings in Extra Space Storage were worth $10,008,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. raised its holdings in Extra Space Storage by 7.2% in the first quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust's stock valued at $281,000 after acquiring an additional 127 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Extra Space Storage by 1.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust's stock valued at $3,285,000 after acquiring an additional 398 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Extra Space Storage by 21.4% in the first quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust's stock valued at $399,000 after acquiring an additional 474 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Extra Space Storage by 24.3% during the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock valued at $216,000 after purchasing an additional 286 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in Extra Space Storage by 1,376.5% during the first quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust's stock valued at $252,000 after purchasing an additional 1,583 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company'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 approximately $4,098,541. This represents a 21.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.36% of the company's stock.

Extra Space Storage Stock Performance

Shares of EXR opened at $138.01 on Tuesday. The firm has a 50-day moving average price of $148.62 and a 200 day moving average price of $148.21. The firm has a market capitalization of $29.29 billion, a PE ratio of 29.94, a P/E/G ratio of 3.38 and a beta of 1.07. The company has a quick ratio of 0.33, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The company had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.06 EPS. 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, June 30th. Shareholders of record on Monday, June 16th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Monday, June 16th. Extra Space Storage's dividend payout ratio is presently 140.56%.

Analyst Ratings Changes

Several research firms have weighed in on EXR. BNP Paribas Exane began coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They set a "neutral" rating and a $156.00 target price for the company. Barclays lowered their target price on shares of Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Wells Fargo & Company lowered their target price on shares of Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 23rd. Mizuho boosted their target price on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Finally, Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $156.54.

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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