Cibc World Markets Corp Sells 29,587 Shares of Extra Space Storage Inc. (NYSE:EXR)

Cibc World Markets Corp lowered its position in Extra Space Storage Inc. (NYSE:EXR) by 15.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 165,182 shares of the real estate investment trust’s stock after selling 29,587 shares during the period. Cibc World Markets Corp owned 0.08% of Extra Space Storage worth $24,711,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Golden State Wealth Management LLC bought a new position in Extra Space Storage in the 4th quarter valued at $25,000. Harbour Investments Inc. increased its stake in shares of Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 80 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Extra Space Storage in the third quarter valued at about $42,000. Continuum Advisory LLC lifted its position in 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 worth $56,000 after buying an additional 126 shares in the last quarter. Finally, Quent Capital LLC grew its holdings in 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 worth $49,000 after acquiring an additional 154 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on EXR. Truist Financial upped their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Wells Fargo & Company lowered their target price 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 cut their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada lowered 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 report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $171.09.

Insider Activity

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph J. Bonner sold 672 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were 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 owns 4,557 shares of the company’s stock, valued at $679,448.70. This trade represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,392 shares of company stock worth $1,396,515 in the last 90 days. Corporate insiders own 1.36% of the company’s stock.

Extra Space Storage Stock Performance

Shares of NYSE:EXR opened at $146.52 on Tuesday. The firm’s 50 day simple moving average is $152.90 and its 200 day simple moving average is $161.80. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The company has a market capitalization of $31.06 billion, a price-to-earnings ratio of 38.36, a P/E/G ratio of 7.76 and a beta of 0.90. 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 (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. As a group, sell-side analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

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

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.