Massachusetts Financial Services Co. MA Sells 589,247 Shares of Extra Space Storage Inc. (NYSE:EXR)

Massachusetts Financial Services Co. MA lowered its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 16.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,959,984 shares of the real estate investment trust’s stock after selling 589,247 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Extra Space Storage were worth $533,360,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. Landscape Capital Management L.L.C. bought a new stake in Extra Space Storage in the third quarter valued at approximately $3,741,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Extra Space Storage in the 3rd quarter worth about $334,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Extra Space Storage during the third quarter valued at approximately $1,144,000. Pathstone Holdings LLC lifted its holdings in shares of Extra Space Storage by 1.1% during the third quarter. Pathstone Holdings LLC now owns 13,027 shares of the real estate investment trust’s stock valued at $2,347,000 after purchasing an additional 148 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Extra Space Storage by 0.3% in the 3rd quarter. Swiss National Bank now owns 628,327 shares of the real estate investment trust’s stock worth $113,218,000 after buying an additional 1,900 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Tuesday, October 1st. The shares were 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 of the company’s stock, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Diane Olmstead sold 3,081 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,228 shares of company stock worth $3,374,617 in the last quarter. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Stock Performance

NYSE EXR opened at $167.32 on Friday. 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 Inc. has a twelve month low of $125.32 and a twelve month high of $184.87. The business has a 50-day moving average price of $170.84 and a 200-day moving average price of $163.18. The firm has a market cap of $35.47 billion, a price-to-earnings ratio of 43.80, a price-to-earnings-growth ratio of 8.34 and a beta of 0.87.

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

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s payout ratio is presently 169.63%.

Wall Street Analysts Forecast Growth

EXR has been the subject of a number of recent research reports. Scotiabank lifted their price objective on 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. Evercore ISI reduced their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Finally, Truist Financial upped their price objective on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $171.50.

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.