Apollon Wealth Management LLC Decreases Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Apollon Wealth Management LLC lowered its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 7.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,209 shares of the real estate investment trust’s stock after selling 344 shares during the period. Apollon Wealth Management LLC’s holdings in Extra Space Storage were worth $758,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in EXR. EdgeRock Capital LLC acquired a new stake in Extra Space Storage during the 2nd quarter valued at $25,000. Centerpoint Advisors LLC purchased a new position in Extra Space Storage in the 2nd quarter valued at about $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage during the third quarter valued at about $33,000. Blue Trust Inc. increased its position in shares of Extra Space Storage by 540.5% during 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 during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in shares of 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. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Truist Financial upped their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Scotiabank lifted their price target on Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. KeyCorp boosted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Finally, Raymond James raised their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Three analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $171.50.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $164.56 on Friday. Extra Space Storage Inc. has a 12-month low of $125.32 and a 12-month high of $184.87. The company has a market cap of $34.88 billion, a PE ratio of 42.89, a P/E/G ratio of 8.26 and a beta of 0.87. The stock has a 50 day simple moving average of $171.68 and a 200-day simple moving average of $162.27. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last announced its quarterly 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). The business had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.02 EPS. On average, equities research analysts forecast that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.94%. Extra Space Storage’s payout ratio is 169.63%.

Insiders Place Their Bets

In other news, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the transaction, the executive vice president now directly owns 11,919 shares in the company, valued at approximately $2,089,758.27. This trade represents a 14.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s 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 completion of the sale, 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 23.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,970 shares of company stock worth $3,367,307. 1.36% of the stock is owned by corporate insiders.

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.