MML Investors Services LLC cut its stake in Extra Space Storage Inc. (NYSE:EXR – Get Rating) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,156 shares of the real estate investment trust’s stock after selling 139 shares during the period. MML Investors Services LLC’s holdings in Extra Space Storage were worth $890,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Parkside Financial Bank & Trust boosted its holdings in Extra Space Storage by 80.0% in the 3rd quarter. Parkside Financial Bank & Trust now owns 144 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 64 shares during the period. EdgeRock Capital LLC bought a new stake in Extra Space Storage in the 3rd quarter valued at $27,000. Ronald Blue Trust Inc. bought a new stake in Extra Space Storage in the 2nd quarter valued at $35,000. SJS Investment Consulting Inc. bought a new stake in Extra Space Storage in the 3rd quarter valued at $35,000. Finally, Ten Capital Wealth Advisors LLC bought a new stake in Extra Space Storage in the 3rd quarter valued at $36,000. 95.32% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of analysts have weighed in on the stock. Raymond James raised shares of Extra Space Storage from a “market perform” rating to an “outperform” rating and set a $170.00 price target for the company in a report on Monday, January 9th. Truist Financial cut shares of Extra Space Storage from a “buy” rating to a “hold” rating and dropped their price objective for the company from $175.00 to $160.00 in a research note on Tuesday, January 17th. Morgan Stanley dropped their price objective on shares of Extra Space Storage from $153.00 to $145.00 and set an “underweight” rating for the company in a research note on Wednesday, December 14th. Evercore ISI cut shares of Extra Space Storage from an “in-line” rating to an “underperform” rating and dropped their price objective for the company from $162.00 to $150.00 in a research note on Monday, November 21st. Finally, Citigroup dropped their price objective on shares of Extra Space Storage from $175.00 to $170.00 and set a “neutral” rating for the company in a research note on Monday, December 12th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Extra Space Storage currently has an average rating of “Hold” and a consensus target price of $170.33.
Extra Space Storage Trading Up 1.3 %
Extra Space Storage (NYSE:EXR – Get Rating) last announced its earnings results on Wednesday, February 22nd. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.56). The firm had revenue of $506.70 million for the quarter, compared to analyst estimates of $433.39 million. Extra Space Storage had a return on equity of 22.01% and a net margin of 45.52%. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.91 EPS. Research analysts expect that Extra Space Storage Inc. will post 8.56 earnings per share for the current fiscal year.
Extra Space Storage Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be issued a dividend of $1.62 per share. The ex-dividend date is Tuesday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 3.83%. This is a positive change from Extra Space Storage’s previous quarterly dividend of $1.50. Extra Space Storage’s dividend payout ratio is currently 93.60%.
Insiders Place Their Bets
In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,500 shares of the stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $164.00, for a total transaction of $246,000.00. Following the sale, the executive vice president now owns 32,290 shares of the company’s stock, valued at approximately $5,295,560. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,500 shares of the stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $164.00, for a total transaction of $246,000.00. Following the sale, the executive vice president now owns 32,290 shares of the company’s stock, valued at approximately $5,295,560. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CMO Samrat Sondhi sold 6,290 shares of the stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $161.88, for a total transaction of $1,018,225.20. Following the sale, the chief marketing officer now directly owns 82,653 shares in the company, valued at approximately $13,379,867.64. The disclosure for this sale can be found here. Insiders own 1.52% of the company’s stock.
Extra Space Storage Company Profile
Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.
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