Commerce Bank Reduces Stake in Extra Space Storage Inc. (NYSE:EXR)

Commerce Bank lessened its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 5.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,498 shares of the real estate investment trust’s stock after selling 946 shares during the quarter. Commerce Bank’s holdings in Extra Space Storage were worth $2,793,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pathway Financial Advisers LLC grew its stake in Extra Space Storage by 17,832.9% during the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after acquiring an additional 2,007,626 shares in the last quarter. Boston Partners bought a new position in Extra Space Storage in the 1st quarter valued at $130,554,000. Janus Henderson Group PLC grew its position in shares of Extra Space Storage by 2,244.2% during the 1st quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock valued at $87,824,000 after purchasing an additional 572,231 shares in the last quarter. American Century Companies Inc. raised its position in shares of Extra Space Storage by 543.5% in the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock worth $61,724,000 after buying an additional 335,447 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Extra Space Storage by 20.5% during the second quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock valued at $291,720,000 after buying an additional 319,965 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on EXR shares. Barclays upped their target price on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Truist Financial lifted their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a research report on Friday, August 16th. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Finally, Royal Bank of Canada started coverage on shares of Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price for the company. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $171.50.

Extra Space Storage Trading Up 0.8 %

Shares of EXR stock opened at $168.14 on Friday. 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 1-year low of $125.32 and a 1-year high of $184.87. The business has a 50-day moving average of $170.64 and a 200 day moving average of $163.21. The stock has a market capitalization of $35.64 billion, a PE ratio of 44.02, a P/E/G ratio of 8.34 and a beta of 0.87.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The firm had revenue of $824.80 million during 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%. Extra Space Storage’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $2.02 EPS. As a group, sell-side analysts anticipate that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.85%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 169.63%.

Insider Activity

In other news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the sale, the director now owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the transaction, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,228 shares of company stock valued at $3,374,617. Company insiders own 1.36% of the company’s stock.

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.