Insider Selling: Extra Space Storage Inc. (NYSE:EXR) CEO Sells $1,110,075.00 in Stock

Extra Space Storage Inc. (NYSE:EXR) CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the transaction, the chief executive officer now owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Extra Space Storage Stock Performance

EXR opened at $147.77 on Thursday. The firm has a market capitalization of $31.32 billion, a PE ratio of 38.68, a PEG ratio of 7.96 and a beta of 0.89. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87. The firm’s 50-day moving average price is $159.38 and its 200 day moving average price is $165.24.

Extra Space Storage (NYSE:EXR) last posted 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). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same quarter last year, the company earned $2.02 earnings per share. Extra Space Storage’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, sell-side analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a dividend of $1.62 per share. The ex-dividend date was Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.39%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on EXR shares. Evercore ISI decreased their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Scotiabank cut their price objective on Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a research report on Monday, November 25th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and upped their target price for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. Finally, Barclays lifted their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $173.08.

Institutional Investors Weigh In On Extra Space Storage

Hedge funds have recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in Extra Space Storage in the 3rd quarter valued at about $33,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Extra Space Storage during the 3rd quarter valued at approximately $42,000. Continuum Advisory LLC raised its position in shares of 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 valued at $56,000 after buying an additional 126 shares during the period. Global X Japan Co. Ltd. acquired a new position in Extra Space Storage in the second quarter valued at approximately $78,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Extra Space Storage in the second quarter worth approximately $80,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.