Pittenger & Anderson Inc. Lowers Holdings in Extra Space Storage Inc. (NYSE:EXR)

Pittenger & Anderson Inc. reduced its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 97.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 445 shares of the real estate investment trust’s stock after selling 17,813 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Extra Space Storage were worth $71,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. 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 purchasing an additional 12,055,172 shares during the period. JPMorgan Chase & Co. increased its holdings in Extra Space Storage by 599.8% in the third quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock valued at $406,781,000 after buying an additional 2,867,657 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in shares of Extra Space Storage in the third quarter worth about $173,621,000. First Eagle Investment Management LLC boosted its stake in shares of Extra Space Storage by 233,362.8% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock worth $160,940,000 after acquiring an additional 1,323,167 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Extra Space Storage by 22.1% during the 3rd 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 acquiring an additional 1,178,760 shares during the period. 99.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on EXR shares. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. TheStreet raised shares of Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. The Goldman Sachs Group increased their price objective on shares of Extra Space Storage from $168.00 to $187.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Scotiabank initiated coverage on shares of Extra Space Storage in a research note on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 target price for the company. Finally, Barclays assumed coverage on shares of Extra Space Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $157.00 price target on the stock. Two equities 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. According to data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and a consensus price target of $150.17.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock traded up $0.55 on Friday, hitting $134.38. 364,696 shares of the company were exchanged, compared to its average volume of 1,163,499. Extra Space Storage Inc. has a 1-year low of $101.19 and a 1-year high of $164.99. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $28.44 billion, a price-to-earnings ratio of 27.09, a price-to-earnings-growth ratio of 3.31 and a beta of 0.74. The company has a 50-day moving average price of $142.03 and a 200 day moving average price of $137.98.

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

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 131.17%.

Insider Buying and Selling at Extra Space Storage

In other news, CMO Samrat Sondhi sold 2,048 shares of the firm’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 in the company, valued at approximately $13,785,693.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other 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 sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock worth $514,819 in the last ninety days. 1.36% of the stock is owned by insiders.

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.