Alliancebernstein L.P. Reduces Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Alliancebernstein L.P. cut its stake in Extra Space Storage Inc. (NYSE:EXR) by 8.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 437,491 shares of the real estate investment trust’s stock after selling 41,252 shares during the quarter. Alliancebernstein L.P.’s holdings in Extra Space Storage were worth $65,449,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EXR. Oregon Public Employees Retirement Fund grew its holdings in Extra Space Storage by 0.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust’s stock valued at $2,717,000 after buying an additional 66 shares in the last quarter. Wedge Capital Management L L P NC increased its holdings in Extra Space Storage by 1.3% during the 4th quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust’s stock worth $769,000 after acquiring an additional 68 shares during the period. Lindbrook Capital LLC lifted its stake in Extra Space Storage by 14.9% in the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust’s stock worth $78,000 after purchasing an additional 68 shares in the last quarter. Checchi Capital Advisers LLC boosted its holdings in Extra Space Storage by 2.2% in the 4th quarter. Checchi Capital Advisers LLC now owns 3,449 shares of the real estate investment trust’s stock valued at $516,000 after purchasing an additional 75 shares during the period. Finally, Harbour Investments Inc. grew its position in shares of 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 valued at $25,000 after purchasing an additional 80 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Trading Down 4.2 %

NYSE EXR opened at $138.05 on Friday. The stock has a 50-day moving average of $151.74 and a 200-day moving average of $159.02. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 1-year low of $131.02 and a 1-year high of $184.87. The firm has a market cap of $29.27 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $707.34 million. As a group, sell-side analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.69%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is 160.40%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated 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 sale, the chief executive officer now directly owns 9,190 shares in the company, valued at $1,355,065.50. The trade was a 44.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,392 shares of company stock worth $1,392,315. Company insiders own 1.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Scotiabank dropped their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. 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 on the stock in a research report on Friday, February 21st. Royal Bank of Canada dropped their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Finally, StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $171.09.

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.