Amalgamated Bank Reduces Position in Extra Space Storage Inc. (NYSE:EXR)

Amalgamated Bank trimmed its stake in Extra Space Storage Inc. (NYSE:EXR) by 2.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,497 shares of the real estate investment trust’s stock after selling 1,174 shares during the period. Amalgamated Bank’s holdings in Extra Space Storage were worth $7,477,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Extra Space Storage by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock worth $4,951,899,000 after acquiring an additional 170,380 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Extra Space Storage by 4.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock worth $551,586,000 after acquiring an additional 157,763 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Extra Space Storage by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock valued at $485,973,000 after acquiring an additional 45,717 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its stake in Extra Space Storage by 7.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after purchasing an additional 198,888 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its position in shares of Extra Space Storage by 1.3% during the first quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust’s stock valued at $341,941,000 after purchasing an additional 32,591 shares in the last quarter. 99.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on EXR shares. Raymond James raised their price target on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. KeyCorp upped their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research report on Monday, September 9th. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $172.00 to $155.00 in a report on Monday, August 5th. Finally, Royal Bank of Canada began coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $171.07.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $161.03 on Thursday. The company has a market capitalization of $34.13 billion, a PE ratio of 42.15, a price-to-earnings-growth ratio of 6.06 and a beta of 0.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.20 and a current ratio of 0.23. The company’s fifty day moving average price is $173.03 and its 200 day moving average price is $161.17. Extra Space Storage Inc. has a 1 year low of $104.88 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. During the same period in the previous year, the company earned $2.02 earnings per share. The company’s revenue was up 10.2% compared to the same quarter last year. On average, research analysts predict that Extra Space Storage Inc. will post 8.08 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.02%. Extra Space Storage’s dividend payout ratio (DPR) is presently 169.63%.

Insider Activity at Extra Space Storage

In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares in the company, valued at $5,815,663.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the completion of the transaction, the executive vice president now directly owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the sale, the executive vice president now directly owns 11,919 shares in the company, valued at approximately $2,089,758.27. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,970 shares of company stock valued at $3,367,307. 1.36% of the stock is owned by corporate insiders.

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.