Swedbank AB Decreases Stake in Extra Space Storage Inc. (NYSE:EXR)

Swedbank AB trimmed its position in Extra Space Storage Inc. (NYSE:EXR) by 23.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,708 shares of the real estate investment trust’s stock after selling 56,422 shares during the period. Swedbank AB owned 0.09% of Extra Space Storage worth $27,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC increased its holdings in Extra Space Storage by 17,832.9% in 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 buying an additional 2,007,626 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Extra Space Storage by 724.1% in 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 worth $357,100,000 after buying an additional 1,741,320 shares in the last quarter. Mizuho Securities USA LLC boosted its holdings in shares of Extra Space Storage by 1,664.3% during the 3rd quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock worth $51,912,000 after purchasing an additional 271,765 shares during the last quarter. Hamlin Capital Management LLC boosted its stake in Extra Space Storage by 44.8% during the third quarter. Hamlin Capital Management LLC now owns 766,043 shares of the real estate investment trust’s stock worth $138,033,000 after buying an additional 236,908 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock valued at $2,412,894,000 after purchasing an additional 227,006 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Scotiabank upgraded shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a report on Friday, January 10th. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday. Evercore ISI dropped their price target 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. Truist Financial increased their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $174.00.

Insiders Place Their Bets

In other news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated 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 in the company, valued at $967,119.12. This trade represents a 34.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.

Extra Space Storage Price Performance

Shares of EXR opened at $154.63 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 $131.02 and a 1-year high of $184.87. The stock has a market cap of $32.78 billion, a PE ratio of 40.48, a price-to-earnings-growth ratio of 7.48 and a beta of 0.91. The firm has a fifty day moving average price of $155.34 and a 200 day moving average price of $164.73.

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

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

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.