Insider Selling: Extra Space Storage Inc. (NYSE:EXR) CEO Sells $1,105,875.00 in Stock

Extra Space Storage Inc. (NYSE:EXR) CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the completion of the sale, the chief executive officer now owns 9,190 shares of the company’s stock, valued at $1,355,065.50. This trade represents a 44.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Extra Space Storage Price Performance

NYSE:EXR opened at $138.05 on Friday. The company has a market capitalization of $29.27 billion, a price-to-earnings ratio of 36.14, a PEG ratio of 7.76 and a beta of 0.90. The company has a 50-day moving average of $151.74 and a 200-day moving average of $158.88. Extra Space Storage Inc. has a 52 week low of $131.02 and a 52 week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.93. The firm had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. As a group, equities research 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 company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.69%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s dividend payout ratio is 160.40%.

Wall Street Analyst Weigh In

EXR has been the topic of a number of recent research reports. Wells Fargo & Company cut their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday, March 7th. Barclays decreased their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Royal Bank of Canada cut their price objective on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $171.09.

Institutional Investors Weigh In On Extra Space Storage

Hedge funds and other institutional investors have recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in shares of Extra Space Storage during the fourth quarter valued at $25,000. Harbour Investments Inc. raised its holdings in Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 80 shares during the last quarter. Continuum Advisory LLC lifted its position in Extra Space Storage by 68.1% during the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 126 shares during the period. Quent Capital LLC boosted its stake in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 154 shares during the last quarter. Finally, Asset Planning Inc acquired a new stake in shares of Extra Space Storage during the 4th quarter worth approximately $52,000. 99.11% of the stock is owned by institutional investors and hedge funds.

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.