Extra Space Storage (NYSE:EXR) Trading Down 2.6% Following Insider Selling

Extra Space Storage Inc. (NYSE:EXR)’s stock price dropped 2.6% on Friday following insider selling activity. The stock traded as low as $171.50 and last traded at $171.73. Approximately 120,775 shares traded hands during trading, a decline of 88% from the average daily volume of 1,047,727 shares. The stock had previously closed at $176.31.

Specifically, 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 transaction, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on EXR shares. Truist Financial lifted their price target on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Wells Fargo & Company boosted their target price on Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Raymond James raised 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. Royal Bank of Canada assumed coverage on Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective for the company. Finally, Scotiabank lifted their price target 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. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $170.93.

Extra Space Storage Trading Down 3.9 %

The stock has a market cap of $35.88 billion, a P/E ratio of 37.75, a P/E/G ratio of 2.67 and a beta of 0.86. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. The firm’s 50 day moving average price is $172.75 and its 200-day moving average price is $157.11.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend was Monday, September 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 144.32%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. J. W. Coons Advisors LLC increased its holdings in Extra Space Storage by 1.9% in the fourth quarter. J. W. Coons Advisors LLC now owns 7,060 shares of the real estate investment trust’s stock valued at $1,132,000 after buying an additional 131 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Extra Space Storage by 2.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 170,085 shares of the real estate investment trust’s stock worth $27,270,000 after purchasing an additional 4,615 shares during the period. Rafferty Asset Management LLC boosted its position in Extra Space Storage by 20.0% during the fourth quarter. Rafferty Asset Management LLC now owns 28,330 shares of the real estate investment trust’s stock worth $4,542,000 after purchasing an additional 4,721 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in Extra Space Storage by 142.2% in the fourth quarter. 1832 Asset Management L.P. now owns 31,000 shares of the real estate investment trust’s stock valued at $4,970,000 after purchasing an additional 18,200 shares during the period. Finally, Prudential PLC increased its position in shares of Extra Space Storage by 26.7% in the fourth quarter. Prudential PLC now owns 7,221 shares of the real estate investment trust’s stock valued at $1,158,000 after buying an additional 1,523 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.