Bank of America Corp DE Trims Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Bank of America Corp DE cut its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 20.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 560,613 shares of the real estate investment trust’s stock after selling 147,373 shares during the quarter. Bank of America Corp DE owned about 0.26% of Extra Space Storage worth $83,868,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its position in Extra Space Storage by 1.2% during the fourth quarter. BNP Paribas Financial Markets now owns 346,102 shares of the real estate investment trust’s stock worth $51,777,000 after buying an additional 4,119 shares during the period. Aptus Capital Advisors LLC lifted its position in Extra Space Storage by 4.3% during the fourth quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust’s stock worth $245,000 after buying an additional 68 shares during the period. Anson Funds Management LP purchased a new position in Extra Space Storage during the fourth quarter worth about $765,000. DoubleLine ETF Adviser LP lifted its position in Extra Space Storage by 0.9% during the fourth quarter. DoubleLine ETF Adviser LP now owns 15,251 shares of the real estate investment trust’s stock worth $2,282,000 after buying an additional 138 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its holdings in shares of Extra Space Storage by 556.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 23,686 shares of the real estate investment trust’s stock worth $3,543,000 after purchasing an additional 20,076 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. The trade was a 5.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the sale, the chief executive officer now owns 9,190 shares in the company, valued at $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,392 shares of company stock worth $1,392,315 in the last three months. 0.96% of the stock is owned by insiders.

Extra Space Storage Stock Up 0.9%

NYSE EXR opened at $148.72 on Monday. The stock has a market cap of $31.56 billion, a PE ratio of 38.93, a P/E/G ratio of 7.76 and a beta of 1.14. Extra Space Storage Inc. has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The business has a 50 day moving average price of $143.80 and a two-hundred day moving average price of $152.51. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. During the same period in the previous year, the business earned $1.96 EPS. Extra Space Storage’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.36%. Extra Space Storage’s dividend payout ratio is presently 150.35%.

Wall Street Analysts Forecast Growth

EXR has been the topic of a number of research reports. Mizuho initiated coverage on Extra Space Storage in a report on Wednesday, April 9th. They issued an “outperform” rating and a $141.00 price objective on the stock. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Evercore ISI raised their price objective on Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a report on Thursday, May 1st. Royal Bank of Canada cut their price objective on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating on the stock in a report on Thursday, May 1st. Finally, Scotiabank upgraded Extra Space Storage from a “sector perform” rating to a “sector outperform” rating and cut their price objective for the stock from $165.00 to $149.00 in a report on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $165.42.

Extra Space Storage 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.