OVERSEA CHINESE BANKING Corp Ltd Boosts Stake in Extra Space Storage Inc. (NYSE:EXR)

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in Extra Space Storage Inc. (NYSE:EXR) by 335.4% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 50,402 shares of the real estate investment trust’s stock after buying an additional 38,825 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Extra Space Storage were worth $9,082,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the business. Venturi Wealth Management LLC raised its holdings in Extra Space Storage by 3.3% in the 3rd quarter. Venturi Wealth Management LLC now owns 6,653 shares of the real estate investment trust’s stock valued at $1,199,000 after acquiring an additional 211 shares during the last quarter. Catalytic Wealth RIA LLC raised its holdings in Extra Space Storage by 18.5% in the 3rd quarter. Catalytic Wealth RIA LLC now owns 2,534 shares of the real estate investment trust’s stock valued at $457,000 after acquiring an additional 395 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in Extra Space Storage in the 3rd quarter valued at $33,000. Axxcess Wealth Management LLC increased its holdings in shares of Extra Space Storage by 18.9% during the 3rd quarter. Axxcess Wealth Management LLC now owns 1,538 shares of the real estate investment trust’s stock worth $277,000 after buying an additional 244 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in shares of Extra Space Storage by 4.5% during the 3rd quarter. Assetmark Inc. now owns 6,413 shares of the real estate investment trust’s stock worth $1,156,000 after buying an additional 277 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares in the company, valued at $4,318,398.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $4,318,398.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kenneth M. Woolley sold 6,647 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the sale, the director now owns 404,306 shares in the company, valued at $71,655,152.38. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,970 shares of company stock worth $3,367,307 over the last quarter. 1.36% of the stock is owned by company insiders.

Extra Space Storage Stock Performance

NYSE:EXR opened at $165.48 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.20. The firm has a 50-day moving average of $172.62 and a two-hundred day moving average of $161.82. The stock has a market cap of $35.08 billion, a P/E ratio of 43.32, a PEG ratio of 6.31 and a beta of 0.87. Extra Space Storage Inc. has a 1-year low of $116.23 and a 1-year high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same period in the previous year, the business posted $2.02 EPS. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, research analysts expect that Extra Space Storage Inc. will post 8.08 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $1.62 per share. The ex-dividend date was Monday, September 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.92%. Extra Space Storage’s payout ratio is 169.63%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Evercore ISI dropped their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Royal Bank of Canada assumed coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $172.00 to $155.00 in a report on Monday, August 5th. Barclays upped their price objective on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Finally, Scotiabank increased their price target on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a report on Thursday, August 22nd. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $171.50.

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.