Choate Investment Advisors Sells 123 Shares of Extra Space Storage Inc. (NYSE:EXR)

Choate Investment Advisors cut its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 5.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,230 shares of the real estate investment trust’s stock after selling 123 shares during the quarter. Choate Investment Advisors’ holdings in Extra Space Storage were worth $334,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in shares of Extra Space Storage during the 4th quarter valued at approximately $25,000. Harvest Fund Management Co. Ltd bought a new position in shares of Extra Space Storage during the 3rd quarter valued at approximately $42,000. Continuum Advisory LLC grew its stake in shares of Extra Space Storage by 68.1% during the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 126 shares during the period. Quent Capital LLC grew its stake in shares of Extra Space Storage by 89.0% during the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 154 shares during the period. Finally, Asset Planning Inc bought a new position in shares of Extra Space Storage during the 4th quarter valued at approximately $52,000. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Up 1.1 %

NYSE EXR opened at $146.52 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a market capitalization of $31.06 billion, a P/E ratio of 38.36, a P/E/G ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a one year low of $131.02 and a one year high of $184.87. The stock has a 50 day moving average price of $152.90 and a 200-day moving average price of $161.80.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 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 firm had revenue of $821.90 million during the quarter, compared to the consensus estimate of $707.34 million. As a group, equities analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.42%. Extra Space Storage’s payout ratio is presently 160.40%.

Insider Activity at Extra Space Storage

In related news, EVP William N. Springer sold 1,220 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on 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 approximately $2,470,286.90. The trade was a 31.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,392 shares of company stock worth $1,396,515. Company insiders own 1.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on EXR shares. Royal Bank of Canada cut their price objective on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. Barclays dropped their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Truist Financial upped 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. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Finally, Scotiabank dropped 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, March 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Extra Space Storage has an average rating of “Hold” and an average target price of $171.09.

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.