American Assets Capital Advisers LLC Sells 2,227 Shares of Extra Space Storage Inc. (NYSE:EXR)

American Assets Capital Advisers LLC cut its stake in Extra Space Storage Inc. (NYSE:EXR) by 4.8% in the third quarter, Holdings Channel.com reports. The firm owned 44,079 shares of the real estate investment trust’s stock after selling 2,227 shares during the quarter. Extra Space Storage makes up approximately 2.4% of American Assets Capital Advisers LLC’s investment portfolio, making the stock its 14th largest position. American Assets Capital Advisers LLC’s holdings in Extra Space Storage were worth $7,943,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. EdgeRock Capital LLC acquired a new position in Extra Space Storage in the 2nd quarter valued at $25,000. Centerpoint Advisors LLC acquired a new stake in Extra Space Storage in the second quarter valued at $27,000. Ashton Thomas Securities LLC bought a new stake in Extra Space Storage during the third quarter valued at $33,000. Blue Trust Inc. grew its holdings in Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 200 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its position in shares of Extra Space Storage by 2,760.0% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 286 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 276 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock traded down $0.88 on Tuesday, hitting $164.60. 561,438 shares of the company were exchanged, compared to its average volume of 1,035,397. Extra Space Storage Inc. has a 1-year low of $116.23 and a 1-year high of $184.87. The stock has a market capitalization of $34.89 billion, a price-to-earnings ratio of 43.32, a price-to-earnings-growth ratio of 6.31 and a beta of 0.87. The company has a 50-day moving average price of $172.39 and a 200 day moving average price of $162.04. The company has a quick ratio of 0.20, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same period in the previous year, the firm earned $2.02 EPS. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts predict that Extra Space Storage Inc. will post 8.08 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend was Monday, September 16th. Extra Space Storage’s payout ratio is presently 169.63%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Barclays boosted their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Royal Bank of Canada started coverage on shares of 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. Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Finally, StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Extra Space Storage currently has an average rating of “Hold” and an average target price of $171.50.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were 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 owns 24,190 shares in the company, valued at approximately $4,318,398.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth M. Woolley sold 6,647 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the transaction, the director now owns 404,306 shares in the company, valued at $71,655,152.38. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,970 shares of company stock worth $3,367,307. Company 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.