Vestcor Inc Buys 16,718 Shares of Extra Space Storage Inc. (NYSE:EXR)

Vestcor Inc increased its stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 131.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,389 shares of the real estate investment trust's stock after purchasing an additional 16,718 shares during the quarter. Vestcor Inc's holdings in Extra Space Storage were worth $5,296,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Duff & Phelps Investment Management Co. lifted its holdings in Extra Space Storage by 9.5% in the 3rd 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. Continuum Advisory LLC lifted its stake in Extra Space Storage by 68.1% during the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust's stock valued at $56,000 after buying an additional 126 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Extra Space Storage by 1.7% during the third quarter. Nomura Asset Management Co. Ltd. now owns 328,010 shares of the real estate investment trust's stock valued at $59,104,000 after buying an additional 5,430 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its stake in Extra Space Storage by 8.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 6,868 shares of the real estate investment trust's stock valued at $1,238,000 after buying an additional 557 shares in the last quarter. Finally, MML Investors Services LLC lifted its stake in Extra Space Storage by 12.6% during the third quarter. MML Investors Services LLC now owns 5,994 shares of the real estate investment trust's stock valued at $1,080,000 after buying an additional 672 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company's stock.

Extra Space Storage Stock Performance

EXR stock traded down $4.11 during midday trading on Tuesday, hitting $160.40. The stock had a trading volume of 1,379,944 shares, compared to its average volume of 1,023,852. The firm has a market capitalization of $34.00 billion, a price-to-earnings ratio of 41.99, a P/E/G ratio of 8.23 and a beta of 0.89. Extra Space Storage Inc. has a 52 week low of $131.02 and a 52 week high of $184.87. The stock has a 50-day simple moving average of $167.84 and a 200 day simple moving average of $165.23. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.03 by ($1.12). The company had revenue of $824.80 million for 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 firm's revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.02 earnings per share. As a group, 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 will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.04%. Extra Space Storage's payout ratio is presently 169.63%.

Analyst Upgrades and Downgrades

A number of research firms have commented on EXR. Royal Bank of Canada began coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They set a "sector perform" rating and a $180.00 price objective for the company. Scotiabank reduced their price target on shares of Extra Space Storage from $169.00 to $167.00 and set a "sector underperform" rating for the company in a research report on Monday, November 25th. StockNews.com lowered shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Thursday, October 31st. Evercore ISI reduced their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating for the company in a research report on Monday, October 14th. Finally, Truist Financial increased their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a research report on Thursday, December 5th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $171.43.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction 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 directly owns 24,190 shares in the company, valued at approximately $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now owns 404,306 shares of the company's stock, valued at approximately $71,655,152.38. The trade was a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,228 shares of company stock valued at $3,023,957. 1.36% of the stock is currently owned by company insiders.

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.