PNC Financial Services Group Inc. Decreases Stock Position in Extra Space Storage Inc $EXR

Key Points

• PNC Financial Services Group cut its stake in Extra Space Storage by 14.5% in the fourth quarter, selling 21,996 shares and leaving it with 129,353 shares worth about $16.8 million.
• CEO Joseph D. Margolis sold 7,500 shares at an average price of $142.08, a transaction valued at $1.07 million and representing a 10.14% reduction in his holdings.
• Extra Space Storage reported Q1 earnings of $1.14 per share, well below expectations, though revenue came in slightly above estimates; the company also declared a quarterly dividend of $1.62 per share, yielding about 4.5%.

PNC Financial Services Group Inc. reduced its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 14.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 129,353 shares of the real estate investment trust's stock after selling 21,996 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.06% of Extra Space Storage worth $16,844,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in Extra Space Storage by 0.5% in the third quarter. Vanguard Group Inc. now owns 34,430,823 shares of the real estate investment trust's stock worth $4,852,680,000 after buying an additional 161,171 shares during the last quarter. State Street Corp grew its position in shares of Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,910,878 shares of the real estate investment trust's stock valued at $1,960,599,000 after purchasing an additional 230,697 shares in the last quarter. Capital World Investors grew its position in shares of Extra Space Storage by 0.5% in the third quarter. Capital World Investors now owns 7,161,360 shares of the real estate investment trust's stock valued at $1,009,371,000 after purchasing an additional 33,622 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Extra Space Storage by 6.4% in the third quarter. Principal Financial Group Inc. now owns 6,715,901 shares of the real estate investment trust's stock valued at $946,540,000 after purchasing an additional 406,146 shares in the last quarter. Finally, Capital International Investors grew its position in shares of Extra Space Storage by 1.0% in the third quarter. Capital International Investors now owns 3,597,740 shares of the real estate investment trust's stock valued at $507,065,000 after purchasing an additional 35,752 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $142.08, for a total transaction of $1,065,600.00. Following the completion of the transaction, the chief executive officer directly owned 66,495 shares in the company, valued at $9,447,609.60. The trade was a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.96% of the stock is currently owned by insiders.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $143.23 on Friday. The stock has a market cap of $30.26 billion, a PE ratio of 32.11, a price-to-earnings-growth ratio of 4.68 and a beta of 1.22. Extra Space Storage Inc has a fifty-two week low of $125.71 and a fifty-two week high of $155.19. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a fifty day moving average of $138.71 and a 200-day moving average of $137.99.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results on Tuesday, April 28th. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.01 by ($0.87). Extra Space Storage had a return on equity of 6.65% and a net margin of 27.66%.The business had revenue of $856.03 million for the quarter, compared to analysts' expectations of $851.35 million. During the same quarter in the previous year, the firm earned $2.00 earnings per share. Extra Space Storage's quarterly revenue was up 4.4% compared to the same quarter last year. Extra Space Storage has set its FY 2026 guidance at 8.050-8.350 EPS. Equities research analysts anticipate that Extra Space Storage Inc will post 8.23 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, June 15th. Extra Space Storage's payout ratio is presently 145.29%.

Wall Street Analysts Forecast Growth

EXR has been the subject of several recent research reports. Wells Fargo & Company reduced their price target on Extra Space Storage from $150.00 to $148.00 and set an "overweight" rating for the company in a research report on Thursday, April 16th. Truist Financial reduced their price target on Extra Space Storage from $158.00 to $150.00 and set a "hold" rating for the company in a research report on Wednesday, May 6th. Barclays lifted their price target on Extra Space Storage from $164.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, March 5th. BNP Paribas Exane upgraded Extra Space Storage from a "neutral" rating to an "outperform" rating and set a $154.00 price target for the company in a research report on Wednesday, March 18th. Finally, Wall Street Zen cut Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Saturday, April 25th. Five analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Extra Space Storage currently has a consensus rating of "Hold" and a consensus target price of $151.00.

Extra Space Storage Profile

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

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