OVERSEA CHINESE BANKING Corp Ltd Sells 7,457 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Extra Space Storage Inc by 10.9%, now owning 60,726 shares valued at approximately $9 million.
• CEO Joseph D. Margolis sold 7,500 shares for a total of $1.12 million, resulting in a 21.58% decrease in his holdings.
• Despite missing earnings estimates for the latest quarter, Extra Space Storage reported revenue growth of 3.8% year-over-year, with quarterly revenue reaching $841.62 million.

OVERSEA CHINESE BANKING Corp Ltd trimmed its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 10.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,726 shares of the real estate investment trust's stock after selling 7,457 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Extra Space Storage were worth $9,017,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Quarry LP boosted its holdings in Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock valued at $53,000 after purchasing an additional 217 shares during the period. Golden State Wealth Management LLC grew its holdings in shares of Extra Space Storage by 147.0% during the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after buying an additional 241 shares during the last quarter. Parvin Asset Management LLC bought a new position in Extra Space Storage in the fourth quarter worth approximately $62,000. Wayfinding Financial LLC purchased a new stake in shares of Extra Space Storage in the first quarter worth $76,000. Finally, Global X Japan Co. Ltd. grew its stake in Extra Space Storage by 24.8% during the first quarter. Global X Japan Co. Ltd. now owns 558 shares of the real estate investment trust's stock valued at $83,000 after acquiring an additional 111 shares in the last quarter. Institutional investors own 99.11% of the company's stock.

Wall Street Analyst Weigh In

EXR has been the subject of several recent research reports. JPMorgan Chase & Co. boosted 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. 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 on the stock in a research report on Wednesday, July 23rd. Scotiabank boosted 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 note on Monday, May 12th. Benchmark lowered their price objective on shares of 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. Finally, Bank of America raised their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $156.54.

Extra Space Storage Stock Performance

NYSE:EXR traded down $0.34 on Wednesday, hitting $138.28. The company's stock had a trading volume of 425,190 shares, compared to its average volume of 1,200,449. The firm has a market capitalization of $29.35 billion, a P/E ratio of 29.99, a price-to-earnings-growth ratio of 3.35 and a beta of 1.07. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87. The company has a current ratio of 0.29, a quick ratio of 0.33 and a debt-to-equity ratio of 0.88. The stock has a fifty day moving average of $148.44 and a two-hundred day moving average of $148.14.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.01). The firm had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The company's revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $2.06 EPS. Research 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. Investors of record on Monday, June 16th were paid a dividend of $1.62 per share. 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 140.56%.

Insiders Place Their Bets

In other 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 completion of the sale, the chief executive officer directly 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 SEC, which is available through this hyperlink. Company insiders own 1.36% 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.