M&T Bank Corp Sells 5,039 Shares of Extra Space Storage Inc. (NYSE:EXR)

M&T Bank Corp trimmed its stake in Extra Space Storage Inc. (NYSE:EXR) by 11.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 38,984 shares of the real estate investment trust’s stock after selling 5,039 shares during the period. M&T Bank Corp’s holdings in Extra Space Storage were worth $5,832,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. State Street Corp lifted its stake in shares of Extra Space Storage by 1.7% in the 3rd quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock valued at $2,412,894,000 after purchasing an additional 227,006 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Extra Space Storage by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust’s stock valued at $360,436,000 after purchasing an additional 43,223 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Extra Space Storage by 10.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,020,459 shares of the real estate investment trust’s stock valued at $364,066,000 after purchasing an additional 189,949 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Extra Space Storage by 724.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after purchasing an additional 1,741,320 shares during the last quarter. Finally, Hamlin Capital Management LLC lifted its stake in shares of Extra Space Storage by 11.1% in the 4th quarter. Hamlin Capital Management LLC now owns 850,800 shares of the real estate investment trust’s stock valued at $127,280,000 after purchasing an additional 84,757 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at $2,470,286.90. The trade was a 31.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP William N. Springer sold 1,220 shares of the business’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Extra Space Storage Trading Up 1.3 %

Shares of NYSE:EXR opened at $157.11 on Friday. Extra Space Storage Inc. has a 12-month low of $131.02 and a 12-month high of $184.87. The business’s fifty day simple moving average is $152.91 and its 200-day simple moving average is $163.07. The company has a market capitalization of $33.31 billion, a PE ratio of 41.13, a P/E/G ratio of 7.76 and a beta of 0.91. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. As a group, equities research analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $1.62 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.12%. Extra Space Storage’s dividend payout ratio is presently 160.40%.

Wall Street Analysts Forecast Growth

EXR has been the subject of a number of research analyst reports. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday. Truist Financial raised their price target on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Wells Fargo & Company decreased their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Scotiabank decreased their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research note on Wednesday. Finally, Barclays decreased their price target on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $171.36.

Extra Space Storage Company 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.