Cypress Capital Group Sells 115 Shares of Extra Space Storage Inc. (NYSE:EXR)

Cypress Capital Group lowered its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 2.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 5,108 shares of the real estate investment trust’s stock after selling 115 shares during the quarter. Cypress Capital Group’s holdings in Extra Space Storage were worth $920,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gateway Investment Advisers LLC bought a new position in Extra Space Storage during the second quarter worth about $16,026,000. MADDEN SECURITIES Corp bought a new position in Extra Space Storage during the second quarter worth about $1,002,000. Tidal Investments LLC boosted its holdings in Extra Space Storage by 262.5% during the first quarter. Tidal Investments LLC now owns 12,967 shares of the real estate investment trust’s stock worth $1,906,000 after buying an additional 9,390 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Extra Space Storage by 53.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,738 shares of the real estate investment trust’s stock valued at $1,824,000 after purchasing an additional 4,102 shares in the last quarter. Finally, Czech National Bank lifted its holdings in shares of Extra Space Storage by 8.5% during the 2nd quarter. Czech National Bank now owns 40,346 shares of the real estate investment trust’s stock valued at $6,270,000 after purchasing an additional 3,172 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Scotiabank lifted their price objective on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a report on Thursday, August 22nd. Truist Financial lifted their price objective on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a report on Friday, August 16th. KeyCorp lifted their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Evercore ISI cut their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Finally, Royal Bank of Canada assumed coverage on Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $171.50.

Extra Space Storage Stock Performance

EXR opened at $167.32 on Friday. The business has a fifty day simple moving average of $170.84 and a 200 day simple moving average of $163.18. The company has a market capitalization of $35.47 billion, a PE ratio of 43.80, a price-to-earnings-growth ratio of 8.34 and a beta of 0.87. Extra Space Storage Inc. has a 1 year low of $125.32 and a 1 year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The company had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.02 earnings per share. Research analysts expect that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.87%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,228 shares of company stock valued at $3,374,617 in the last 90 days. Corporate insiders own 1.36% of the company’s stock.

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.