WASHINGTON TRUST Co Buys 1,000 Shares of Extra Space Storage Inc. (NYSE:EXR)

WASHINGTON TRUST Co lifted its stake in Extra Space Storage Inc. (NYSE:EXR) by 23.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,225 shares of the real estate investment trust’s stock after buying an additional 1,000 shares during the period. WASHINGTON TRUST Co’s holdings in Extra Space Storage were worth $838,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Extra Space Storage by 55.7% in the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after acquiring an additional 12,055,172 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Extra Space Storage by 599.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock worth $406,781,000 after buying an additional 2,867,657 shares during the last quarter. Norges Bank purchased a new position in shares of Extra Space Storage in the 4th quarter worth approximately $380,823,000. Diamond Hill Capital Management Inc. purchased a new position in Extra Space Storage in the third quarter valued at approximately $173,621,000. Finally, First Eagle Investment Management LLC lifted its stake in Extra Space Storage by 233,362.8% in the third quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock valued at $160,940,000 after purchasing an additional 1,323,167 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on EXR shares. The Goldman Sachs Group increased their price target on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Scotiabank initiated coverage on shares of Extra Space Storage in a report on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 target price on the stock. Morgan Stanley upgraded shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $115.00 to $150.00 in a report on Thursday, December 21st. Barclays assumed coverage on shares of Extra Space Storage in a report on Wednesday. They issued an “overweight” rating and a $157.00 target price on the stock. Finally, Wells Fargo & Company dropped their price target on shares of Extra Space Storage from $155.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday, March 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $151.08.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock traded up $0.21 during trading on Thursday, reaching $146.96. The company’s stock had a trading volume of 363,736 shares, compared to its average volume of 1,189,785. The company has a 50-day moving average price of $143.48 and a two-hundred day moving average price of $135.40. The firm has a market cap of $31.09 billion, a PE ratio of 29.76, a P/E/G ratio of 3.45 and a beta of 0.74. Extra Space Storage Inc. has a fifty-two week low of $101.19 and a fifty-two week high of $165.85. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.01). The firm had revenue of $797.77 million during the quarter, compared to analyst estimates of $778.05 million. Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The business’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.09 earnings per share. On average, analysts forecast that Extra Space Storage Inc. will post 8.04 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.41%. Extra Space Storage’s dividend payout ratio (DPR) is presently 131.17%.

Insider Transactions at Extra Space Storage

In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. Insiders sold a total of 3,532 shares of company stock worth $514,819 over the last ninety days. 1.55% of the stock is currently owned by corporate insiders.

Extra Space Storage 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.