Stock Yards Bank & Trust Co. Sells 758 Shares of Extra Space Storage Inc. (NYSE:EXR)

Stock Yards Bank & Trust Co. lessened its stake in Extra Space Storage Inc. (NYSE:EXR) by 8.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,790 shares of the real estate investment trust’s stock after selling 758 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Extra Space Storage were worth $1,404,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. EdgeRock Capital LLC bought a new stake in shares of Extra Space Storage in the 2nd quarter valued at about $25,000. Centerpoint Advisors LLC acquired a new position in Extra Space Storage during the second quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new stake in Extra Space Storage in the third quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd bought a new stake in Extra Space Storage in the third quarter valued at approximately $42,000. Finally, Blue Trust Inc. boosted its position in shares of Extra Space Storage by 540.5% during the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Trading Down 0.4 %

Shares of NYSE:EXR opened at $158.92 on Friday. The company’s 50-day moving average price is $166.78 and its two-hundred day moving average price is $165.27. Extra Space Storage Inc. has a one year low of $131.02 and a one year high of $184.87. 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 stock has a market capitalization of $33.69 billion, a PE ratio of 41.60, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89.

Extra Space Storage (NYSE:EXR) last released 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). The company had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.02 EPS. On average, equities analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.08%. Extra Space Storage’s payout ratio is 169.63%.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares in the company, valued at $4,318,398.80. This represents a 23.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on EXR. Wells Fargo & Company restated an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st. Evercore ISI cut their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Scotiabank lowered their target price on Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a research note on Monday, November 25th. KeyCorp raised their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a report on Monday, September 9th. Finally, Barclays upped their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $171.43.

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.