Commerce Bank Trims Holdings in Extra Space Storage Inc. (NYSE:EXR)

Commerce Bank reduced its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 5.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,498 shares of the real estate investment trust’s stock after selling 946 shares during the period. Commerce Bank’s holdings in Extra Space Storage were worth $2,793,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of EXR. Graypoint LLC lifted its holdings in shares of Extra Space Storage by 4.3% during the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock valued at $284,000 after purchasing an additional 65 shares during the last quarter. Hummer Financial Advisory Services Inc boosted its holdings in Extra Space Storage by 1.2% in the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after acquiring an additional 70 shares in the last quarter. Buckley Wealth Management LLC grew its stake in shares of Extra Space Storage by 1.9% in the third quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock worth $687,000 after acquiring an additional 71 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in shares of Extra Space Storage by 19.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after acquiring an additional 76 shares in the last quarter. Finally, Bleakley Financial Group LLC raised its position in shares of Extra Space Storage by 4.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock worth $356,000 after purchasing an additional 77 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Up 0.8 %

EXR opened at $168.14 on Friday. Extra Space Storage Inc. has a 1-year low of $125.32 and a 1-year high of $184.87. The firm’s 50 day simple moving average is $170.64 and its two-hundred day simple moving average is $163.21. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $35.64 billion, a PE ratio of 44.02, a PEG ratio of 8.34 and a beta of 0.87.

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 the consensus estimate of $2.03 by ($1.12). The company had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Extra Space Storage’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 earnings per share. As a group, equities analysts forecast that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s dividend payout ratio is 169.63%.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on EXR. Scotiabank raised their price objective on shares of Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a research note on Thursday, August 22nd. Bank of America lowered shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $172.00 to $155.00 in a report on Monday, August 5th. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and increased their target price for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Truist Financial boosted their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Finally, KeyCorp increased their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research report on Monday, September 9th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Extra Space Storage has a consensus rating of “Hold” and an average price target of $171.50.

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.