Wedge Capital Management L L P NC Trims Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Wedge Capital Management L L P NC lowered its holdings in Extra Space Storage Inc. (NYSE:EXR) by 8.9% in the fourth quarter, HoldingsChannel reports. The firm owned 18,032 shares of the real estate investment trust’s stock after selling 1,769 shares during the period. Wedge Capital Management L L P NC’s holdings in Extra Space Storage were worth $2,891,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Extra Space Storage by 55.7% in the third 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 purchasing an additional 12,055,172 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Extra Space Storage by 22.1% in the third quarter. Principal Financial Group Inc. now owns 6,505,834 shares of the real estate investment trust’s stock valued at $790,975,000 after purchasing an additional 1,178,760 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Extra Space Storage by 599.8% during 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. Massachusetts Financial Services Co. MA lifted its holdings in Extra Space Storage by 33.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,032,090 shares of the real estate investment trust’s stock worth $368,642,000 after buying an additional 763,493 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in Extra Space Storage by 8.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,724,293 shares of the real estate investment trust’s stock worth $436,786,000 after buying an additional 211,395 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Activity at Extra Space Storage

In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at approximately $13,785,693.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction 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 transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The disclosure for this sale can be found here. Insiders have sold a total of 3,532 shares of company stock worth $514,819 in the last three months. 1.36% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Scotiabank started coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 target price on the stock. TheStreet upgraded Extra Space Storage from a “c+” rating to a “b-” rating in a research report on Thursday, January 11th. Wells Fargo & Company increased their price target on Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Finally, The Goldman Sachs Group increased their price target on Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $150.17.

Extra Space Storage Stock Up 1.0 %

EXR opened at $134.64 on Thursday. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $164.99. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market cap of $28.49 billion, a P/E ratio of 27.26, a P/E/G ratio of 3.27 and a beta of 0.74. The stock’s 50 day moving average price is $142.19 and its 200 day moving average price is $138.01.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The business had revenue of $797.77 million during the quarter, compared to analyst estimates of $778.05 million. During the same quarter in the prior year, the business earned $2.09 earnings per share. The firm’s revenue was up 57.4% compared to the same quarter last year. As a group, research analysts predict that Extra Space Storage Inc. will post 8.05 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.81%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is currently 131.17%.

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.