Diamond Hill Capital Management Inc. Sells 644,826 Shares of Extra Space Storage Inc. (NYSE:EXR)

Diamond Hill Capital Management Inc. decreased its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 22.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,172,685 shares of the real estate investment trust’s stock after selling 644,826 shares during the period. Extra Space Storage comprises 1.4% of Diamond Hill Capital Management Inc.’s portfolio, making the stock its 27th largest holding. Diamond Hill Capital Management Inc.’s holdings in Extra Space Storage were worth $325,034,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tidal Investments LLC lifted its position in Extra Space Storage by 34.4% during the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock valued at $2,278,000 after purchasing an additional 3,234 shares during the period. Swedbank AB lifted its position in Extra Space Storage by 4.5% during the third quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock valued at $43,810,000 after purchasing an additional 10,408 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Extra Space Storage by 724.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after purchasing an additional 1,741,320 shares during the period. Duff & Phelps Investment Management Co. lifted its position in Extra Space Storage by 9.5% during the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock valued at $6,397,000 after purchasing an additional 3,093 shares during the period. Finally, Brown Financial Advisors lifted its position in Extra Space Storage by 69.1% during the third quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock valued at $1,646,000 after purchasing an additional 3,731 shares during the period. Institutional investors own 99.11% of the company’s stock.

Wall Street Analyst Weigh In

EXR has been the topic of a number of research analyst reports. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Wells Fargo & Company reduced their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Royal Bank of Canada reduced their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Barclays reduced their target price on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday, March 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $171.09.

Insider Activity at Extra Space Storage

In related news, EVP William N. Springer sold 1,220 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’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 transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by corporate insiders.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $144.56 on Friday. The firm has a fifty day moving average price of $153.06 and a 200-day moving average price of $162.43. 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 cap of $30.65 billion, a PE ratio of 37.84, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a 1 year low of $131.02 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The firm had revenue of $821.90 million during the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Equities analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $1.62 per share. The ex-dividend date is Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.48%. Extra Space Storage’s payout ratio is 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.