Bank of New York Mellon Corp Sells 26,925 Shares of Extra Space Storage Inc. (NYSE:EXR)

Posted by Defense World Staff on Mar 17th, 2023

Bank of New York Mellon Corp trimmed its position in shares of Extra Space Storage Inc. (NYSE:EXR – Get Rating) by 2.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,241,994 shares of the real estate investment trust’s stock after selling 26,925 shares during the quarter. Bank of New York Mellon Corp owned 0.93% of Extra Space Storage worth $214,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. raised its holdings in Extra Space Storage by 28.0% in the 3rd quarter. Pacer Advisors Inc. now owns 274 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 60 shares during the period. Ronald Blue Trust Inc. raised its holdings in Extra Space Storage by 35.9% in the 3rd quarter. Ronald Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 61 shares during the period. Parkside Financial Bank & Trust raised 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 worth $25,000 after purchasing an additional 64 shares during the period. Greenleaf Trust raised its holdings in Extra Space Storage by 4.4% in the 2nd quarter. Greenleaf Trust now owns 1,580 shares of the real estate investment trust’s stock worth $269,000 after purchasing an additional 66 shares during the period. Finally, Clarius Group LLC raised its holdings in Extra Space Storage by 5.0% in the 2nd quarter. Clarius Group LLC now owns 1,459 shares of the real estate investment trust’s stock worth $248,000 after purchasing an additional 70 shares during the period. 95.32% of the stock is owned by institutional investors.

Analysts Set New Price Targets

EXR has been the topic of a number of recent research reports. Citigroup decreased their target price on Extra Space Storage from $175.00 to $170.00 and set a “neutral” rating on the stock in a report on Monday, December 12th. Evercore ISI cut Extra Space Storage from an “in-line” rating to an “underperform” rating and decreased their price target for the company from $162.00 to $150.00 in a report on Monday, November 21st. Wolfe Research cut Extra Space Storage from an “outperform” rating to a “peer perform” rating in a report on Wednesday, January 18th. They noted that the move was a valuation call. Truist Financial raised their price target on Extra Space Storage from $160.00 to $165.00 and gave the company a “hold” rating in a report on Wednesday, March 8th. Finally, Morgan Stanley decreased their price target on Extra Space Storage from $153.00 to $145.00 and set an “underweight” rating on the stock in a report on Wednesday, December 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $170.89.

Insider Activity

In related news, CMO Samrat Sondhi sold 6,290 shares of Extra Space Storage stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $161.88, for a total value of $1,018,225.20. Following the completion of the transaction, the chief marketing officer now owns 82,653 shares in the company, valued at $13,379,867.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CMO Samrat Sondhi sold 6,290 shares of Extra Space Storage stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $161.88, for a total value of $1,018,225.20. Following the completion of the transaction, the chief marketing officer now owns 82,653 shares in the company, valued at $13,379,867.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Gwyn Goodson Mcneal sold 1,500 shares of Extra Space Storage stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $164.00, for a total value of $246,000.00. Following the completion of the transaction, the executive vice president now owns 32,290 shares of the company’s stock, valued at approximately $5,295,560. The disclosure for this sale can be found here. Insiders sold a total of 8,440 shares of company stock worth $1,371,963 over the last 90 days. Corporate insiders own 1.52% of the company’s stock.

Extra Space Storage Trading Up 1.5 %

Shares of Extra Space Storage stock opened at $159.96 on Friday. The firm has a market cap of $21.59 billion, a price-to-earnings ratio of 24.95, a PEG ratio of 6.09 and a beta of 0.54. The business has a 50-day moving average price of $158.24 and a 200-day moving average price of $163.69. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.80. Extra Space Storage Inc. has a twelve month low of $139.97 and a twelve month high of $222.35.

Extra Space Storage (NYSE:EXR – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The real estate investment trust reported $1.52 earnings per share 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 analysts’ expectations of $433.39 million. Extra Space Storage had a net margin of 45.52% and a return on equity of 22.01%. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.91 EPS. Equities research analysts anticipate that Extra Space Storage Inc. will post 8.52 EPS for the current fiscal year.

Extra Space Storage Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be given a dividend of $1.62 per share. This is a positive change from Extra Space Storage’s previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.05%. Extra Space Storage’s dividend payout ratio (DPR) is presently 93.60%.

About Extra Space Storage

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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.