Choate Investment Advisors Trims Holdings in Extra Space Storage Inc. (NYSE:EXR)

Choate Investment Advisors decreased its holdings in Extra Space Storage Inc. (NYSE:EXR) by 5.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,230 shares of the real estate investment trust’s stock after selling 123 shares during the period. Choate Investment Advisors’ holdings in Extra Space Storage were worth $334,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of EXR. Buckley Wealth Management LLC grew its position in shares of Extra Space Storage by 2.6% during the 4th quarter. Buckley Wealth Management LLC now owns 3,910 shares of the real estate investment trust’s stock worth $585,000 after buying an additional 99 shares in the last quarter. Aviso Financial Inc. bought a new position in shares of Extra Space Storage during the 4th quarter worth $758,000. Commonwealth Equity Services LLC grew its position in shares of Extra Space Storage by 2.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 21,062 shares of the real estate investment trust’s stock worth $3,151,000 after buying an additional 425 shares in the last quarter. Achmea Investment Management B.V. grew its position in shares of Extra Space Storage by 72.1% during the 4th quarter. Achmea Investment Management B.V. now owns 7,480 shares of the real estate investment trust’s stock worth $1,119,000 after buying an additional 3,134 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of Extra Space Storage by 245.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 866 shares of the real estate investment trust’s stock worth $130,000 after buying an additional 615 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $146.52 on Tuesday. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The company has a market cap of $31.06 billion, a PE ratio of 38.36, a P/E/G ratio of 7.76 and a beta of 0.90. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The business has a 50-day simple moving average of $152.90 and a two-hundred day simple moving average of $161.80.

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

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend is Friday, March 14th. Extra Space Storage’s payout ratio is 160.40%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EXR. Barclays dropped their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. Royal Bank of Canada dropped their price target on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Wells Fargo & Company dropped their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Truist Financial raised their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Extra Space Storage presently has a consensus rating of “Hold” and a consensus target price of $171.09.

Insider Transactions at Extra Space Storage

In related news, Director Joseph J. Bonner sold 672 shares of Extra Space Storage stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the transaction, the director now directly owns 4,557 shares in the company, valued at approximately $679,448.70. This trade represents a 12.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,392 shares of company stock worth $1,396,515 over the last three months. 1.36% of the stock is currently 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.