Chevy Chase Trust Holdings LLC Sells 1,955 Shares of Extra Space Storage Inc. (NYSE:EXR)

Chevy Chase Trust Holdings LLC cut its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,627 shares of the real estate investment trust’s stock after selling 1,955 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of Extra Space Storage worth $20,474,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of EXR. Atria Investments Inc boosted its stake in shares of Extra Space Storage by 11.3% in the 1st quarter. Atria Investments Inc now owns 8,081 shares of the real estate investment trust’s stock worth $1,188,000 after buying an additional 818 shares during the last quarter. Cetera Investment Advisers increased its holdings in Extra Space Storage by 658.1% during the first quarter. Cetera Investment Advisers now owns 45,450 shares of the real estate investment trust’s stock worth $6,681,000 after buying an additional 39,455 shares during the last quarter. Cetera Advisors LLC bought a new stake in Extra Space Storage in the first quarter worth about $410,000. First Hawaiian Bank purchased a new position in Extra Space Storage in the second quarter valued at about $437,000. Finally, Massmutual Trust Co. FSB ADV grew its position in shares of Extra Space Storage by 19.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after acquiring an additional 76 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EXR has been the topic of a number of research reports. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price target on shares of Extra Space Storage in a report on Monday, October 21st. Truist Financial increased their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Barclays boosted their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and upped their price objective for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Finally, Evercore ISI lowered their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Extra Space Storage currently has an average rating of “Hold” and an average target price of $171.36.

Insider Buying and Selling

In other news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the transaction, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,228 shares of company stock worth $3,023,957 in the last 90 days. 1.36% of the stock is owned by company insiders.

Extra Space Storage Stock Down 2.5 %

Shares of NYSE:EXR opened at $165.54 on Wednesday. The firm has a fifty day moving average of $169.04 and a 200 day moving average of $164.73. Extra Space Storage Inc. has a 52-week low of $131.02 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a market capitalization of $35.09 billion, a PE ratio of 43.34, a price-to-earnings-growth ratio of 8.54 and a beta of 0.89.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). The firm had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Extra Space Storage’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.02 earnings per share. As a group, research analysts anticipate that Extra Space Storage Inc. will post 8.09 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

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.