Cibc World Markets Corp Sells 29,587 Shares of Extra Space Storage Inc. (NYSE:EXR)

Cibc World Markets Corp decreased its stake in Extra Space Storage Inc. (NYSE:EXR) by 15.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 165,182 shares of the real estate investment trust’s stock after selling 29,587 shares during the period. Cibc World Markets Corp’s holdings in Extra Space Storage were worth $24,711,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in Extra Space Storage during the fourth quarter valued at approximately $25,000. Harbour Investments Inc. boosted its holdings in shares of Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 80 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Extra Space Storage in the third quarter valued at $42,000. Quent Capital LLC increased its holdings in Extra Space Storage by 89.0% during the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 154 shares during the last quarter. Finally, Asset Planning Inc bought a new stake in Extra Space Storage during the fourth quarter worth $52,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on EXR. Wells Fargo & Company decreased their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. Truist Financial increased their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Barclays decreased their price objective on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. Finally, Scotiabank cut their target price on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. 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 data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $171.09.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph J. Bonner sold 672 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the completion of the transaction, the director now owns 4,557 shares of the company’s stock, valued at $679,448.70. This represents a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,392 shares of company stock worth $1,396,515. Corporate insiders own 1.36% of the company’s stock.

Extra Space Storage Price Performance

Shares of EXR stock opened at $146.52 on Tuesday. The business has a fifty day simple moving average of $152.90 and a 200 day simple moving average of $161.80. The company has a market cap of $31.06 billion, a P/E ratio of 38.36, a P/E/G ratio of 7.76 and a beta of 0.90. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The firm had revenue of $821.90 million during the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. On average, sell-side analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

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

About Extra Space Storage

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.