Extra Space Storage CEO Joseph Margolis is selling $1.11M worth of stock to Investing.com
Joseph D. Margolis, Chief Executive Officer Additional storage space Inch. (NYSE: ), a prominent player in the specialty REITs industry with a market cap of $31.5 billion, recently sold 7,500 shares of the company’s stock. The transaction, which took place on January 2, 2025, was executed at a price of $148.01 per share, for a total of approximately $1.11 million. According to InvestingPro analysis, the company maintains an EXCELLENT financial health rating and offers an attractive 4.36% dividend yield, maintaining dividend payments for 21 consecutive years.
Following this sale, Margolis owns 16,690 shares indirectly through Cove Hollow Lane II, LLC, and retains various other interests. The transaction was conducted pursuant to a Rule 10b5-1 predetermined trading plan, which was adopted in March 2024. This plan allows insiders to set a predetermined schedule for selling shares, providing some protection from insider trading charges. While the stock is currently trading at a high multiple of earnings, indicating potential overvaluationInvestors can access comprehensive valuation analysis and additional insights through a detailed Pro Research Report available at InvestingPro.
In addition, Margolis has indirect stock ownership through entities such as J Margolis & K Margolis TTEE and Cove Hollow Lane I, LLC, with associated holdings of 34,760 and 97,260 shares, respectively. He renounces the actual ownership of the shares held by these entities, except in the amount of his pecuniary interest.
In other recent news, Extra Space Storage reported strong financial results for the third quarter of 2024, with a significant increase in the midpoint of full-year funds from operations (FFO). This performance was driven by good trading performance and growth initiatives, despite the challenges facing the sector. The company also launched a $1 billion commercial note program through its operating partnership, Extra Space Storage LP, intended for general corporate purposes. In addition, Extra Space Storage expects $100 million in synergies from its merger with Life Storage (NYSE: ) Inc., focusing on management, bridging loans and procurement efficiencies. RBC Capital recently cut their price target on Extra Space Storage to $167 from $173, while BMO Capital Markets maintained an outperform rating on Public Storage (NYSE: ). These are recent developments that highlight Extra Space Storage’s resilience and strategic growth.
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