Duff & Phelps Investment Management Co. Trims Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Duff & Phelps Investment Management Co. cut its stake in Extra Space Storage Inc. (NYSE:EXR) by 87.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 48,255 shares of the real estate investment trust’s stock after selling 343,016 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Extra Space Storage were worth $7,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Zions Bancorporation N.A. increased its stake in Extra Space Storage by 241.9% in the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 150 shares during the period. Anchor Investment Management LLC acquired a new position in Extra Space Storage in the fourth quarter valued at $35,000. EverSource Wealth Advisors LLC increased its stake in Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 143 shares during the period. Bruce G. Allen Investments LLC acquired a new position in Extra Space Storage in the fourth quarter valued at $41,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Extra Space Storage in the third quarter valued at $32,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Trading Down 2.3 %

Shares of EXR opened at $134.27 on Wednesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. The firm’s 50-day moving average is $141.64 and its two-hundred day moving average is $138.54. Extra Space Storage Inc. has a twelve month low of $101.19 and a twelve month high of $164.99. The firm has a market capitalization of $28.41 billion, a P/E ratio of 27.18, a PEG ratio of 3.37 and a beta of 0.74.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The company had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. During the same quarter in the previous year, the company posted $2.09 earnings per share. The company’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, research analysts predict that Extra Space Storage Inc. will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $1.62 per share. The ex-dividend date was Thursday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.83%. Extra Space Storage’s payout ratio is currently 131.17%.

Analysts Set New Price Targets

A number of research firms have commented on EXR. Raymond James restated an “outperform” rating and issued a $160.00 price objective on shares of Extra Space Storage in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Extra Space Storage in a research note on Tuesday, January 30th. They set a “hold” rating and a $141.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Barclays initiated coverage on shares of Extra Space Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $157.00 price target on the stock. Finally, TheStreet upgraded shares of Extra Space Storage from a “c+” rating to a “b-” rating in a research note on Thursday, January 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $150.17.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock valued at $514,819 over the last quarter. Corporate insiders own 1.36% of the company’s stock.

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.