Extra Space Storage Inc. (NYSE:EXR) Holdings Cut by Franklin Resources Inc.

Franklin Resources Inc. cut its position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 5.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 149,830 shares of the real estate investment trust's stock after selling 9,398 shares during the quarter. Franklin Resources Inc. owned 0.07% of Extra Space Storage worth $22,415,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in EXR. Walleye Capital LLC grew its holdings in shares of Extra Space Storage by 174.8% during the third quarter. Walleye Capital LLC now owns 1,280 shares of the real estate investment trust's stock valued at $231,000 after purchasing an additional 2,992 shares during the last quarter. HighTower Advisors LLC grew its stake in Extra Space Storage by 3.5% during the 3rd quarter. HighTower Advisors LLC now owns 44,420 shares of the real estate investment trust's stock worth $8,008,000 after buying an additional 1,486 shares during the last quarter. Janus Henderson Group PLC increased its position in Extra Space Storage by 1.7% in the third quarter. Janus Henderson Group PLC now owns 29,117 shares of the real estate investment trust's stock worth $5,246,000 after buying an additional 500 shares during the period. IHT Wealth Management LLC bought a new stake in Extra Space Storage in the third quarter valued at $282,000. Finally, Royal London Asset Management Ltd. boosted its holdings in shares of Extra Space Storage by 3.4% during the third quarter. Royal London Asset Management Ltd. now owns 86,078 shares of the real estate investment trust's stock valued at $15,510,000 after acquiring an additional 2,849 shares during the period. Institutional investors and hedge funds own 99.11% of the company's stock.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 9,190 shares of the company's stock, valued at approximately $1,355,065.50. This trade represents a 44.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction that occurred on Friday, February 28th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,392 shares of company stock worth $1,392,315 over the last ninety days. 1.36% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

EXR has been the topic of several recent research reports. Wells Fargo & Company cut their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. StockNews.com cut Extra Space Storage from a "hold" rating to a "sell" rating in a report on Friday, March 7th. Barclays decreased 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. Royal Bank of Canada cut their target price on Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating on the stock in a research note on Thursday, February 27th. Finally, Scotiabank raised Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and decreased their price target for the stock from $165.00 to $149.00 in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $167.25.

Extra Space Storage Price Performance

EXR stock traded up $1.93 on Friday, hitting $133.77. 1,346,091 shares of the company's stock traded hands, compared to its average volume of 1,070,413. 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 stock has a market cap of $28.39 billion, a price-to-earnings ratio of 35.02, a P/E/G ratio of 7.76 and a beta of 0.96. Extra Space Storage Inc. has a 1-year low of $121.03 and a 1-year high of $184.87. The stock has a fifty day moving average of $148.62 and a 200-day moving average of $156.62.

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

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date was Friday, March 14th. Extra Space Storage's dividend payout ratio is presently 160.40%.

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.