Legal & General Group Plc cut its stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 22.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,073,318 shares of the real estate investment trust's stock after selling 591,351 shares during the quarter. Legal & General Group Plc owned approximately 0.98% of Extra Space Storage worth $310,168,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of EXR. Norges Bank bought a new stake in shares of Extra Space Storage in the fourth quarter valued at approximately $938,647,000. Manning & Napier Advisors LLC lifted its position in Extra Space Storage by 1,127.2% during the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust's stock worth $116,985,000 after purchasing an additional 718,266 shares during the period. Cbre Investment Management Listed Real Assets LLC grew its stake in Extra Space Storage by 91.2% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust's stock worth $163,027,000 after buying an additional 519,934 shares in the last quarter. Amundi increased its holdings in Extra Space Storage by 82.0% in the 4th quarter. Amundi now owns 828,644 shares of the real estate investment trust's stock valued at $122,649,000 after buying an additional 373,274 shares during the period. Finally, Prudential Financial Inc. raised its position in shares of Extra Space Storage by 28.5% in the 4th quarter. Prudential Financial Inc. now owns 1,442,852 shares of the real estate investment trust's stock valued at $215,851,000 after buying an additional 320,083 shares in the last quarter. Institutional investors own 99.11% of the company's stock.
Insider Activity at Extra Space Storage
In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the business's 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 directly owns 20,158 shares of the company's stock, valued at approximately $3,077,320.28. The trade was a 5.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the completion of the transaction, the director now owns 4,557 shares of the company's stock, valued at approximately $679,448.70. The trade was a 12.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,392 shares of company stock valued at $1,392,315 over the last 90 days. 1.36% of the stock is owned by insiders.
Extra Space Storage Trading Up 2.0 %
Shares of NYSE:EXR traded up $2.64 during mid-day trading on Monday, hitting $136.51. The company had a trading volume of 197,200 shares, compared to its average volume of 1,068,559. The company has a market capitalization of $28.97 billion, a PE ratio of 35.74, a price-to-earnings-growth ratio of 7.76 and a beta of 0.96. The firm has a fifty day moving average price of $148.62 and a 200 day moving average price of $156.48. 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 Inc. has a one year low of $121.03 and a one year high of $184.87.
Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results 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. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $821.90 million during the quarter, compared to analyst estimates of $707.34 million. As a group, research analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current year.
Extra Space Storage Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.75%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage's dividend payout ratio is currently 160.40%.
Wall Street Analyst Weigh In
Several research analysts have commented on the stock. Royal Bank of Canada lowered their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group reissued a "buy" rating on shares of Extra Space Storage in a report on Thursday, March 6th. Barclays lowered their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating for the company in a report on Wednesday, March 12th. Scotiabank raised Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and cut their price objective for the company from $165.00 to $149.00 in a report on Wednesday, April 9th. Finally, Wells Fargo & Company reduced their price target on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $167.25.
Read Our Latest Stock Analysis on EXR
Extra Space Storage Profile
(
Free Report)
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.
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