Mutual of America Capital Management LLC Lowers Stake in Extra Space Storage Inc. (NYSE:EXR)

Mutual of America Capital Management LLC lessened its holdings in Extra Space Storage Inc. (NYSE:EXR) by 2.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 30,295 shares of the real estate investment trust’s stock after selling 734 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Extra Space Storage were worth $5,459,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Vaughan Nelson Investment Management L.P. increased its position in shares of Extra Space Storage by 9.7% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 298,605 shares of the real estate investment trust’s stock valued at $53,806,000 after buying an additional 26,316 shares in the last quarter. Natixis Advisors LLC grew its stake in Extra Space Storage by 2.0% in the 3rd quarter. Natixis Advisors LLC now owns 108,688 shares of the real estate investment trust’s stock valued at $19,585,000 after acquiring an additional 2,095 shares during the period. Mizuho Securities USA LLC increased its holdings in Extra Space Storage by 1,664.3% in the 3rd quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock worth $51,912,000 after acquiring an additional 271,765 shares in the last quarter. Empowered Funds LLC raised its position in Extra Space Storage by 7.2% during the third quarter. Empowered Funds LLC now owns 3,928 shares of the real estate investment trust’s stock worth $708,000 after acquiring an additional 264 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Extra Space Storage by 8.4% during the third quarter. CIBC Asset Management Inc now owns 30,877 shares of the real estate investment trust’s stock valued at $5,564,000 after purchasing an additional 2,399 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

Extra Space Storage stock opened at $165.45 on Wednesday. The firm has a 50 day simple moving average of $171.30 and a 200-day simple moving average of $163.00. The stock has a market cap of $35.07 billion, a price-to-earnings ratio of 43.31, a price-to-earnings-growth ratio of 8.29 and a beta of 0.87. 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 Inc. has a 1-year low of $125.32 and a 1-year high of $184.87.

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

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.92%. Extra Space Storage’s payout ratio is currently 169.63%.

Insider Transactions at Extra Space Storage

In related news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the completion of the transaction, the executive vice president now directly owns 32,855 shares of the company’s stock, valued at $5,815,663.55. The trade was a 7.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s 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 sale, the chief executive officer now owns 24,190 shares in the company, valued at approximately $4,318,398.80. This trade represents a 23.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,051 shares of company stock worth $3,874,316. 1.36% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $172.00 to $155.00 in a research report on Monday, August 5th. Scotiabank raised their target price on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a research report on Thursday, August 22nd. Raymond James boosted their price target on Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Barclays raised their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $175.00 target price on shares of Extra Space Storage in a report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $171.50.

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.