Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Montecito Bank & Trust

Montecito Bank & Trust cut its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 6.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,686 shares of the real estate investment trust’s stock after selling 122 shares during the period. Montecito Bank & Trust’s holdings in Extra Space Storage were worth $252,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage during the 3rd quarter valued at $33,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Extra Space Storage during the third quarter worth $42,000. Continuum Advisory LLC raised its position in shares of Extra Space Storage by 68.1% during the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 126 shares during the period. Sunbelt Securities Inc. lifted its holdings in shares of Extra Space Storage by 441.2% during the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock valued at $96,000 after purchasing an additional 503 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. acquired a new position in shares of Extra Space Storage in the 3rd quarter valued at $129,000. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $152.08 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage Inc. has a one year low of $131.02 and a one year high of $184.87. The business’s 50-day moving average price is $156.21 and its two-hundred day moving average price is $164.74. The company has a market capitalization of $32.24 billion, a P/E ratio of 39.81, a price-to-earnings-growth ratio of 7.48 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). The firm had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.02 EPS. Analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a dividend of $1.62 per share. The ex-dividend date was Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.26%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Activity at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Evercore ISI reduced their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Truist Financial lifted their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Barclays reduced their target price on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a report on Monday, October 21st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $171.25.

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.