Copley Financial Group Inc. Acquires Shares of 3,660 Extra Space Storage Inc. (NYSE:EXR)

Copley Financial Group Inc. purchased a new position in Extra Space Storage Inc. (NYSE:EXR - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,660 shares of the real estate investment trust's stock, valued at approximately $659,000.

Several other institutional investors have also made changes to their positions in EXR. Wealth Enhancement Advisory Services LLC raised its stake in shares of Extra Space Storage by 53.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,738 shares of the real estate investment trust's stock worth $1,824,000 after purchasing an additional 4,102 shares in the last quarter. Swedbank AB increased its holdings in Extra Space Storage by 4.5% in the third quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust's stock worth $43,810,000 after buying an additional 10,408 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Extra Space Storage by 724.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust's stock valued at $357,100,000 after acquiring an additional 1,741,320 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its stake in Extra Space Storage by 9.5% in the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust's stock valued at $6,397,000 after acquiring an additional 3,093 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Extra Space Storage by 5.9% in the second quarter. Victory Capital Management Inc. now owns 141,936 shares of the real estate investment trust's stock worth $22,058,000 after acquiring an additional 7,898 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Diane Olmstead sold 3,081 shares of the firm's stock in a transaction on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares in the company, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $1,338,900.00. Following the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on EXR shares. StockNews.com downgraded shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Thursday, October 31st. Jefferies Financial Group upgraded Extra Space Storage from a "hold" rating to a "buy" rating and upped their price target for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. Truist Financial upped their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a report on Thursday, December 5th. Scotiabank lowered their target price on shares of Extra Space Storage from $169.00 to $167.00 and set a "sector underperform" rating on the stock in a research note on Monday, November 25th. Finally, Wells Fargo & Company reissued an "equal weight" rating and set a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Extra Space Storage has an average rating of "Hold" and a consensus target price of $171.43.

Extra Space Storage Stock Performance

Shares of NYSE:EXR traded down $0.72 during trading on Friday, hitting $158.20. 876,133 shares of the stock were exchanged, compared to its average volume of 1,021,386. The company's fifty day simple moving average is $166.56 and its 200-day simple moving average is $165.38. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a market capitalization of $33.54 billion, a price-to-earnings ratio of 41.41, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89. Extra Space Storage Inc. has a 1-year low of $131.02 and a 1-year high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). The business 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 company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $2.02 EPS. Sell-side analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage's payout ratio is 169.63%.

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.