Spirit of America Management Corp NY Cuts Position in Extra Space Storage Inc. (NYSE:EXR)

Spirit of America Management Corp NY lessened its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 14.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 13,080 shares of the real estate investment trust’s stock after selling 2,200 shares during the quarter. Spirit of America Management Corp NY’s holdings in Extra Space Storage were worth $1,957,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in shares of Extra Space Storage in the 3rd quarter worth approximately $33,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Extra Space Storage in the 3rd quarter worth approximately $42,000. Continuum Advisory LLC boosted its holdings in shares of Extra Space Storage by 68.1% in the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 126 shares during the period. DiNuzzo Private Wealth Inc. purchased a new position in shares of Extra Space Storage in the 3rd quarter worth approximately $129,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Extra Space Storage in the 3rd quarter worth approximately $136,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Buying and Selling at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the sale, the director now owns 5,877 shares in the company, valued at $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. The trade was a 31.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Extra Space Storage Trading Down 0.5 %

Shares of NYSE:EXR opened at $151.98 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The business’s 50-day moving average is $154.45 and its 200 day moving average is $164.48. The firm has a market capitalization of $32.22 billion, a P/E ratio of 39.79, a P/E/G ratio of 7.67 and a beta of 0.91. Extra Space Storage Inc. has a 1 year low of $131.02 and a 1 year high of $184.87.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were paid a dividend of $1.62 per share. The ex-dividend date was Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 4.26%. Extra Space Storage’s payout ratio is presently 169.63%.

Analysts Set New Price Targets

EXR has been the subject of a number of recent research reports. Scotiabank upgraded Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 target price for the company in a report on Friday, January 10th. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, January 28th. Barclays dropped their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Truist Financial boosted their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Evercore ISI dropped their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $174.00.

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.