Joseph Margolis Sells 7,500 Shares of Extra Space Storage (NYSE:EXR) Stock

Key Points

• CEO Joseph Margolis sold 7,500 shares of Extra Space Storage stock for a total of $1,060,575, reducing his ownership stake by 27.51%.
• The company reported earnings per share of $2.05 for the last quarter, slightly missing analysts' expectations, but showing a 3.8% year-over-year revenue growth.
• Extra Space Storage announced a quarterly dividend of $1.62 per share, yielding 4.5%, with a payout ratio currently at 140.56%.

Extra Space Storage Inc (NYSE:EXR - Get Free Report) CEO Joseph Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total value of $1,060,575.00. Following the sale, the chief executive officer directly owned 19,760 shares in the company, valued at approximately $2,794,261.60. This trade represents a 27.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Extra Space Storage Stock Performance

Shares of EXR traded up $1.50 during mid-day trading on Friday, reaching $142.97. 812,438 shares of the company's stock traded hands, compared to its average volume of 1,168,434. The business's 50-day moving average price is $141.50 and its 200-day moving average price is $144.48. The stock has a market capitalization of $30.35 billion, a P/E ratio of 31.01, a price-to-earnings-growth ratio of 3.42 and a beta of 1.11. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $175.57.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The business had revenue of $841.62 million for 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 period last year, the firm posted $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.5%. Extra Space Storage's payout ratio is presently 140.56%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EXR. Wealth Enhancement Advisory Services LLC grew its position in Extra Space Storage by 36.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 15,629 shares of the real estate investment trust's stock worth $2,338,000 after purchasing an additional 4,183 shares in the last quarter. Merit Financial Group LLC grew its position in Extra Space Storage by 190.9% during the 1st quarter. Merit Financial Group LLC now owns 9,089 shares of the real estate investment trust's stock worth $1,350,000 after purchasing an additional 5,965 shares in the last quarter. Vert Asset Management LLC grew its position in Extra Space Storage by 6.2% during the 1st quarter. Vert Asset Management LLC now owns 99,270 shares of the real estate investment trust's stock worth $14,741,000 after purchasing an additional 5,797 shares in the last quarter. Courier Capital LLC grew its position in Extra Space Storage by 2.4% during the 1st quarter. Courier Capital LLC now owns 9,800 shares of the real estate investment trust's stock worth $1,455,000 after purchasing an additional 229 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in Extra Space Storage by 24.3% during the 1st quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock worth $216,000 after purchasing an additional 286 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. The Goldman Sachs Group reissued a "neutral" rating and set a $146.00 target price (down previously from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Royal Bank Of Canada dropped their target price on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a report on Monday, August 4th. UBS Group dropped their target price on Extra Space Storage from $169.00 to $160.00 and set a "buy" rating on the stock in a report on Tuesday, September 16th. Scotiabank dropped their target price on Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 28th. Finally, JPMorgan Chase & Co. boosted their target price on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Extra Space Storage has an average rating of "Hold" and an average price target of $148.64.

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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