MetLife Investment Management LLC Sells 1,403 Shares of Extra Space Storage Inc. (NYSE:EXR)

MetLife Investment Management LLC decreased its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 2.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 61,487 shares of the real estate investment trust’s stock after selling 1,403 shares during the quarter. MetLife Investment Management LLC’s holdings in Extra Space Storage were worth $11,079,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Graypoint LLC raised its holdings in Extra Space Storage by 4.3% in the 3rd quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock valued at $284,000 after acquiring an additional 65 shares in the last quarter. Hummer Financial Advisory Services Inc raised its stake in shares of Extra Space Storage by 1.2% in the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock valued at $1,067,000 after purchasing an additional 70 shares in the last quarter. Buckley Wealth Management LLC lifted its position in Extra Space Storage by 1.9% in the third quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock worth $687,000 after purchasing an additional 71 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in Extra Space Storage by 19.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock worth $72,000 after buying an additional 76 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its holdings in Extra Space Storage by 4.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock valued at $356,000 after buying an additional 77 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Activity

In other Extra Space Storage news, 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 23.67 % 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. Also, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,228 shares of company stock valued at $3,023,957. 1.36% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on EXR shares. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Barclays lifted their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Truist Financial raised their target price on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and upped their price target for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Three equities 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $171.36.

Extra Space Storage Price Performance

Shares of EXR stock opened at $172.68 on Friday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $36.60 billion, a price-to-earnings ratio of 45.20, a PEG ratio of 8.58 and a beta of 0.87. The firm’s 50 day moving average is $169.82 and its 200-day moving average is $164.15. Extra Space Storage Inc. has a 1 year low of $125.82 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The firm had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.02 earnings per share. Sell-side analysts forecast that Extra Space Storage Inc. will post 8.09 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.75%. Extra Space Storage’s payout ratio is presently 169.63%.

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.