Canada Pension Plan Investment Board Lowers Stake in Extra Space Storage Inc. (NYSE:EXR)

Canada Pension Plan Investment Board reduced its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 4.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,340,999 shares of the real estate investment trust's stock after selling 65,870 shares during the period. Canada Pension Plan Investment Board owned about 0.63% of Extra Space Storage worth $200,613,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in Extra Space Storage in the fourth quarter worth $25,000. Harbour Investments Inc. grew its position in Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 80 shares during the last quarter. Quent Capital LLC lifted its position in Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 154 shares during the last quarter. Asset Planning Inc purchased a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $52,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $54,000. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded up $3.60 during trading on Tuesday, reaching $141.80. 205,207 shares of the company traded hands, compared to its average volume of 1,299,782. The stock has a market capitalization of $30.09 billion, a PE ratio of 37.12, a P/E/G ratio of 7.76 and a beta of 0.96. The firm has a 50 day simple moving average of $146.59 and a 200-day simple moving average of $154.91. Extra Space Storage Inc. has a 52-week low of $121.03 and a 52-week high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.93. The company had revenue of $821.90 million during the quarter, compared to analysts' expectations of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Equities research analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $1.62 dividend. The ex-dividend date was Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.57%. Extra Space Storage's dividend payout ratio (DPR) is 160.40%.

Insider Buying and Selling

In related news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. The trade was a 5.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the sale, the chief executive officer now directly owns 9,190 shares in the company, valued at approximately $1,355,065.50. This represents a 44.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,392 shares of company stock valued at $1,392,315. 1.36% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on EXR. Royal Bank of Canada cut their price target on shares of Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating on the stock in a report on Thursday, February 27th. Mizuho started coverage on Extra Space Storage in a report on Wednesday, April 9th. They set an "outperform" rating and a $141.00 price target on the stock. Barclays dropped their price objective on Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating for the company in a report on Wednesday, March 12th. StockNews.com downgraded Extra Space Storage from a "hold" rating to a "sell" rating in a report on Friday, March 7th. Finally, Scotiabank upgraded shares of Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and cut their price target for the company from $165.00 to $149.00 in a report on Wednesday, April 9th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $167.25.

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.