Franklin Resources Inc. Has $27.25 Million Position in Extra Space Storage Inc. (NYSE:EXR)

Franklin Resources Inc. trimmed its position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 16.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 159,228 shares of the real estate investment trust's stock after selling 31,578 shares during the period. Franklin Resources Inc. owned 0.08% of Extra Space Storage worth $27,250,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EXR. EdgeRock Capital LLC purchased a new position in Extra Space Storage during the second quarter valued at approximately $25,000. Centerpoint Advisors LLC acquired a new position in shares of Extra Space Storage in the second quarter worth $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Extra Space Storage during the third quarter worth $33,000. Blue Trust Inc. boosted its position in Extra Space Storage by 540.5% during the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 200 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in Extra Space Storage in the third quarter valued at about $42,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Stock Performance

Shares of EXR stock traded down $5.31 during trading hours on Thursday, reaching $142.35. 1,462,932 shares of the company's stock were exchanged, compared to its average volume of 1,022,852. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The stock has a market capitalization of $30.18 billion, a P/E ratio of 37.26, a P/E/G ratio of 8.03 and a beta of 0.89. The business has a fifty day moving average price of $165.47 and a 200-day moving average price of $165.77. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. During the same quarter in the prior year, the firm earned $2.02 EPS. The firm's quarterly revenue was up 10.2% on a year-over-year basis. Analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be paid a $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.55%. Extra Space Storage's dividend payout ratio is currently 169.63%.

Wall Street Analysts Forecast Growth

EXR has been the subject of a number of recent research reports. Jefferies Financial Group raised 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 research note on Wednesday, September 18th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $175.00 target price on shares of Extra Space Storage in a research note on Monday, October 21st. Royal Bank of Canada started 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 target on the stock. Truist Financial lifted their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a "hold" rating in a research note on Thursday, December 5th. Finally, Evercore ISI decreased their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating for the company in a report on Monday, October 14th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Extra Space Storage has a consensus rating of "Hold" and a consensus target price of $171.43.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the company's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the sale, the director now directly owns 5,877 shares of the company's stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction on Tuesday, October 1st. The shares were 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 disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.

Extra Space Storage Company Profile

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.