Hilltop National Bank Decreases Holdings in Extra Space Storage Inc. (NYSE:EXR)

Hilltop National Bank trimmed its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 16.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 647 shares of the real estate investment trust’s stock after selling 130 shares during the period. Hilltop National Bank’s holdings in Extra Space Storage were worth $97,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of EXR. Acadian Asset Management LLC purchased a new stake in Extra Space Storage during the 2nd quarter worth about $822,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Extra Space Storage during the second quarter worth about $80,000. Prudential PLC increased its position in shares of Extra Space Storage by 70.3% during the second quarter. Prudential PLC now owns 3,998 shares of the real estate investment trust’s stock worth $621,000 after purchasing an additional 1,650 shares in the last quarter. Choreo LLC acquired a new stake in shares of Extra Space Storage during the second quarter worth about $797,000. Finally, Royal London Asset Management Ltd. increased its position in shares of Extra Space Storage by 1.1% during the second quarter. Royal London Asset Management Ltd. now owns 83,229 shares of the real estate investment trust’s stock worth $12,935,000 after purchasing an additional 892 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $146.72 on Friday. The business’s 50 day simple moving average is $158.78 and its 200-day simple moving average is $165.03. The firm has a market capitalization of $31.10 billion, a price-to-earnings ratio of 38.41, a price-to-earnings-growth ratio of 7.96 and a beta of 0.89. 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 12 month low of $131.02 and a 12 month 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 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 period in the previous year, the company posted $2.02 EPS. Extra Space Storage’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage’s payout ratio is currently 169.63%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Barclays lifted their target price on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Truist Financial boosted their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Finally, Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and boosted their price target for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $173.08.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the transaction, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

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.