BOK Financial Private Wealth Inc. Decreases Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

BOK Financial Private Wealth Inc. trimmed its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 85.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,036 shares of the real estate investment trust’s stock after selling 6,291 shares during the period. BOK Financial Private Wealth Inc.’s holdings in Extra Space Storage were worth $166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Extra Space Storage by 55.7% during the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after buying an additional 12,055,172 shares during the period. JPMorgan Chase & Co. raised its holdings in Extra Space Storage by 599.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock valued at $406,781,000 after buying an additional 2,867,657 shares during the period. Norges Bank purchased a new stake in Extra Space Storage in the fourth quarter worth $380,823,000. Diamond Hill Capital Management Inc. purchased a new stake in Extra Space Storage in the third quarter worth $173,621,000. Finally, First Eagle Investment Management LLC increased its stake in Extra Space Storage by 233,362.8% in the third quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock worth $160,940,000 after purchasing an additional 1,323,167 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on EXR shares. Morgan Stanley upgraded Extra Space Storage from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $115.00 to $150.00 in a research note on Thursday, December 21st. Raymond James reiterated an “outperform” rating and issued a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on Extra Space Storage in a research note on Tuesday, January 30th. They issued a “hold” rating and a $141.00 target price on the stock. TheStreet raised Extra Space Storage from a “c+” rating to a “b-” rating in a research report on Thursday, January 11th. Finally, Wells Fargo & Company increased their price target on Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Extra Space Storage currently has an average rating of “Hold” and an average target price of $150.17.

Insider Activity at Extra Space Storage

In related news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the transaction, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,532 shares of company stock worth $514,819. 1.36% of the stock is currently owned by company insiders.

Extra Space Storage Stock Performance

Shares of NYSE:EXR traded down $2.41 during trading on Monday, hitting $138.28. The stock had a trading volume of 109,523 shares, compared to its average volume of 1,158,574. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $164.99. The stock has a market capitalization of $29.26 billion, a price-to-earnings ratio of 28.48, a price-to-earnings-growth ratio of 3.46 and a beta of 0.74. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71. The stock has a 50-day simple moving average of $143.28 and a two-hundred day simple moving average of $137.24.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The company had revenue of $797.77 million for the quarter, compared to analysts’ expectations of $778.05 million. During the same quarter in the prior year, the business posted $2.09 earnings per share. The firm’s revenue was up 57.4% compared to the same quarter last year. On average, equities research analysts expect that Extra Space Storage Inc. will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $1.62 dividend. The ex-dividend date was Thursday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.69%. Extra Space Storage’s dividend payout ratio is presently 131.17%.

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.