Russell Investments Group Ltd. Sells 151,238 Shares of Extra Space Storage Inc. (NYSE:EXR)

Russell Investments Group Ltd. cut its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 21.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 542,315 shares of the real estate investment trust’s stock after selling 151,238 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.26% of Extra Space Storage worth $81,116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wedbush Securities Inc. boosted its position in shares of Extra Space Storage by 3.9% in the fourth quarter. Wedbush Securities Inc. now owns 7,574 shares of the real estate investment trust’s stock worth $1,133,000 after purchasing an additional 286 shares during the period. Resona Asset Management Co. Ltd. bought a new position in Extra Space Storage in the 4th quarter worth $17,718,000. ExodusPoint Capital Management LP increased its stake in Extra Space Storage by 9.4% in the 4th quarter. ExodusPoint Capital Management LP now owns 165,496 shares of the real estate investment trust’s stock worth $24,758,000 after buying an additional 14,244 shares in the last quarter. World Investment Advisors raised its holdings in Extra Space Storage by 30.4% during the fourth quarter. World Investment Advisors now owns 1,560 shares of the real estate investment trust’s stock valued at $233,000 after acquiring an additional 364 shares during the period. Finally, Huntington National Bank lifted its position in shares of Extra Space Storage by 19.8% in the fourth quarter. Huntington National Bank now owns 2,250 shares of the real estate investment trust’s stock valued at $337,000 after acquiring an additional 372 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Trading Down 4.2 %

EXR opened at $138.05 on Friday. The stock has a 50-day moving average of $151.74 and a 200 day moving average of $158.88. 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 12 month low of $131.02 and a 12 month high of $184.87. The firm has a market cap of $29.27 billion, a P/E ratio of 36.14, a P/E/G ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.93. The firm had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. As a group, research analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.69%. Extra Space Storage’s dividend payout ratio is presently 160.40%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Scotiabank decreased their target price on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Wells Fargo & Company decreased their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Finally, Royal Bank of Canada cut their price objective on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Extra Space Storage presently has a consensus rating of “Hold” and an average target price of $171.09.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the completion of the sale, the chief executive officer now directly owns 9,190 shares of the company’s stock, valued at approximately $1,355,065.50. The trade was a 44.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William N. Springer sold 1,220 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was 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 in the company, valued at $3,077,320.28. This represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,392 shares of company stock worth $1,392,315. Insiders own 1.36% of the company’s stock.

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.