Public Sector Pension Investment Board Boosts Stake in Extra Space Storage Inc. (NYSE:EXR)

Public Sector Pension Investment Board lifted its stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 25.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,948 shares of the real estate investment trust's stock after purchasing an additional 7,576 shares during the period. Public Sector Pension Investment Board's holdings in Extra Space Storage were worth $6,658,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Graypoint LLC boosted its stake in Extra Space Storage by 4.3% in the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust's stock valued at $284,000 after acquiring an additional 65 shares in the last quarter. Hummer Financial Advisory Services Inc lifted its holdings in shares of Extra Space Storage by 1.2% during the 3rd quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust's stock valued at $1,067,000 after purchasing an additional 70 shares during the last quarter. Buckley Wealth Management LLC lifted its holdings in shares of Extra Space Storage by 1.9% during the 3rd quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust's stock valued at $687,000 after purchasing an additional 71 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Extra Space Storage by 19.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust's stock worth $72,000 after purchasing an additional 76 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its stake in Extra Space Storage by 4.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust's stock worth $356,000 after buying an additional 77 shares during the last quarter. Hedge funds and other institutional investors 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 stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares of the company's stock, valued at approximately $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction that occurred 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 transaction, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,228 shares of company stock valued at $3,023,957 in the last ninety days. 1.36% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on EXR. Scotiabank decreased their price target on Extra Space Storage from $169.00 to $167.00 and set a "sector underperform" rating for the company in a research note on Monday, November 25th. Royal Bank of Canada began coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They issued a "sector perform" rating and a $180.00 target price for the company. Barclays upped their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. Jefferies Financial Group raised shares of Extra Space Storage from a "hold" rating to a "buy" rating and raised their price target for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Finally, Wells Fargo & Company reissued an "equal weight" rating and set a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Three investment 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. According to MarketBeat.com, Extra Space Storage has an average rating of "Hold" and an average price target of $171.36.

Extra Space Storage Stock Performance

EXR stock traded down $1.72 during trading on Friday, hitting $170.96. 1,273,975 shares of the company traded hands, compared to its average volume of 852,595. Extra Space Storage Inc. has a 1 year low of $129.23 and a 1 year high of $184.87. The company has a market cap of $36.24 billion, a PE ratio of 44.75, a P/E/G ratio of 8.61 and a beta of 0.87. The stock's 50-day simple moving average is $169.64 and its 200 day simple moving average is $164.42. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $824.80 million for the quarter, compared to analysts' expectations of $826.93 million. During the same period last year, the firm earned $2.02 earnings per share. Extra Space Storage's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities analysts expect that Extra Space Storage Inc. will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm 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 $1.62 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.79%. 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.