Geode Capital Management LLC Lowers Position in Extra Space Storage Inc. (NYSE:EXR)

Geode Capital Management LLC decreased its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 0.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,627,253 shares of the real estate investment trust’s stock after selling 22,046 shares during the period. Geode Capital Management LLC’s holdings in Extra Space Storage were worth $839,826,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. D.A. Davidson & CO. bought a new stake in shares of Extra Space Storage in the 3rd quarter worth $257,000. PEAK6 Investments LLC grew its position in Extra Space Storage by 16.2% in the 3rd quarter. PEAK6 Investments LLC now owns 2,298 shares of the real estate investment trust’s stock worth $414,000 after purchasing an additional 320 shares in the last quarter. Walleye Capital LLC increased its stake in Extra Space Storage by 174.8% in the 3rd quarter. Walleye Capital LLC now owns 1,280 shares of the real estate investment trust’s stock valued at $231,000 after buying an additional 2,992 shares during the last quarter. Erste Asset Management GmbH bought a new position in shares of Extra Space Storage during the 3rd quarter worth approximately $1,631,000. Finally, Benjamin Edwards Inc. boosted its stake in shares of Extra Space Storage by 168.5% in the 3rd quarter. Benjamin Edwards Inc. now owns 4,629 shares of the real estate investment trust’s stock worth $835,000 after buying an additional 2,905 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $147.96 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage Inc. has a one year low of $131.02 and a one year high of $184.87. The firm has a market capitalization of $31.37 billion, a P/E ratio of 38.73, a PEG ratio of 7.76 and a beta of 0.90. The business has a fifty day moving average price of $152.17 and a 200-day moving average price of $159.40.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share 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 during the quarter, compared to analyst estimates of $707.34 million. As a group, equities research analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.38%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s payout ratio is 160.40%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on EXR. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Barclays cut their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. Scotiabank decreased their price objective on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Wells Fargo & Company dropped their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Finally, StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $171.09.

Insider Activity

In related news, Director Joseph J. Bonner sold 672 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the transaction, the director now directly owns 4,557 shares in the company, valued at $679,448.70. The trade was a 12.85 % 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. Also, EVP William N. Springer sold 1,220 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the sale, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. The trade was a 5.71 % 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 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.