Intech Investment Management LLC Trims Stake in Extra Space Storage Inc. (NYSE:EXR)

Intech Investment Management LLC reduced its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 71.3% in the second quarter, Holdings Channel reports. The firm owned 1,550 shares of the real estate investment trust’s stock after selling 3,855 shares during the period. Intech Investment Management LLC’s holdings in Extra Space Storage were worth $241,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. EdgeRock Capital LLC purchased a new position in Extra Space Storage in the second quarter worth $25,000. Creekmur Asset Management LLC purchased a new position in Extra Space Storage in the fourth quarter worth $26,000. Centerpoint Advisors LLC purchased a new position in Extra Space Storage in the second quarter worth $27,000. Blue Trust Inc. grew its position 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 acquiring an additional 200 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its position in Extra Space Storage by 2,760.0% in 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 hedge funds and other institutional investors.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Gwyn Goodson Mcneal sold 2,823 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the completion of the transaction, the executive vice president now directly owns 32,855 shares of the company’s stock, valued at $5,815,663.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,970 shares of company stock valued at $3,172,757. Insiders own 1.36% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on EXR shares. Scotiabank upped their target price on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research report on Thursday, August 22nd. Citigroup cut their target price on shares of Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, June 7th. Truist Financial upped their target price 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. KeyCorp boosted their price target on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Finally, Wells Fargo & Company boosted their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $170.93.

Extra Space Storage Stock Performance

Shares of NYSE:EXR opened at $177.23 on Friday. The company has a market cap of $37.52 billion, a price-to-earnings ratio of 39.47, a price-to-earnings-growth ratio of 2.67 and a beta of 0.86. The company has a 50-day moving average price of $171.51 and a 200-day moving average price of $155.85. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $184.87.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Monday, September 16th. Extra Space Storage’s dividend payout ratio (DPR) is 144.32%.

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.