Extra Space Storage Inc. (NYSE:EXR) Stake Lessened by Parallel Advisors LLC

Posted by Defense World Staff on May 3rd, 2023

Parallel Advisors LLC lowered its holdings in Extra Space Storage Inc. (NYSE:EXR – Get Rating) by 22.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 664 shares of the real estate investment trust’s stock after selling 194 shares during the period. Parallel Advisors LLC’s holdings in Extra Space Storage were worth $98,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Massachusetts Financial Services Co. MA lifted its holdings in shares of Extra Space Storage by 0.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,648,605 shares of the real estate investment trust’s stock valued at $630,149,000 after purchasing an additional 10,610 shares in the last quarter. Pictet Asset Management SA raised its holdings in shares of Extra Space Storage by 7.5% during the third quarter. Pictet Asset Management SA now owns 2,084,840 shares of the real estate investment trust’s stock worth $359,005,000 after acquiring an additional 145,688 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Extra Space Storage by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,312,164 shares of the real estate investment trust’s stock worth $269,781,000 after acquiring an additional 31,987 shares in the last quarter. Ceredex Value Advisors LLC raised its holdings in shares of Extra Space Storage by 69.0% during the fourth quarter. Ceredex Value Advisors LLC now owns 934,970 shares of the real estate investment trust’s stock worth $137,609,000 after acquiring an additional 381,727 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Extra Space Storage by 79.3% during the second quarter. Goldman Sachs Group Inc. now owns 850,517 shares of the real estate investment trust’s stock worth $144,690,000 after acquiring an additional 376,279 shares in the last quarter. Hedge funds and other institutional investors own 95.32% of the company’s stock.

Insider Activity

In related news, 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 transaction of $246,000.00. Following the sale, the executive vice president now directly owns 32,290 shares of the company’s stock, valued at $5,295,560. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, 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 transaction of $246,000.00. Following the sale, the executive vice president now directly owns 32,290 shares of the company’s stock, valued at $5,295,560. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 5,000 shares of Extra Space Storage stock in a transaction dated Tuesday, April 4th. The stock was sold at an average price of $160.07, for a total value of $800,350.00. Following the sale, the chief executive officer now directly owns 15,144 shares in the company, valued at $2,424,100.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,440 shares of company stock valued at $2,172,313. 1.52% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on EXR. Raymond James upgraded Extra Space Storage from an “outperform” rating to a “strong-buy” rating and set a $185.00 price objective for the company in a report on Tuesday, April 4th. KeyCorp cut their price objective on Extra Space Storage from $190.00 to $172.00 and set an “overweight” rating for the company in a report on Wednesday, April 5th. Truist Financial increased their price objective on Extra Space Storage from $160.00 to $165.00 and gave the stock a “hold” rating in a report on Wednesday, March 8th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Wednesday, April 26th. Finally, Wolfe Research downgraded shares of Extra Space Storage from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 18th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $170.56.

Extra Space Storage Trading Down 0.8 %

Shares of NYSE:EXR opened at $151.21 on Wednesday. The company has a market cap of $20.41 billion, a P/E ratio of 23.59 and a beta of 0.54. The stock’s 50-day moving average is $157.73 and its 200-day moving average is $157.11. Extra Space Storage Inc. has a 52-week low of $139.97 and a 52-week high of $216.52. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.54 and a current ratio of 0.54.

Extra Space Storage (NYSE:EXR – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.56). The business had revenue of $506.70 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the business posted $1.91 earnings per share. Equities research analysts predict that Extra Space Storage Inc. will post 8.53 earnings per share for the current year.

Extra Space Storage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th were given a $1.62 dividend. This is an increase from Extra Space Storage’s previous quarterly dividend of $1.50. This represents a $6.48 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend was Tuesday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 101.09%.

Extra Space Storage Profile

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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.

Institutional Ownership by Quarter for Extra Space Storage (NYSE:EXR)

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