Manning & Napier Advisors LLC Buys 718,266 Shares of Extra Space Storage Inc. (NYSE:EXR)

Manning & Napier Advisors LLC grew its holdings in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 1,127.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 781,986 shares of the real estate investment trust's stock after buying an additional 718,266 shares during the quarter. Extra Space Storage makes up 1.3% of Manning & Napier Advisors LLC's portfolio, making the stock its 25th largest position. Manning & Napier Advisors LLC owned 0.37% of Extra Space Storage worth $116,985,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Squarepoint Ops LLC grew its position in shares of Extra Space Storage by 382.2% during the 2nd quarter. Squarepoint Ops LLC now owns 27,630 shares of the real estate investment trust's stock worth $4,294,000 after buying an additional 21,900 shares during the period. Scientech Research LLC acquired a new position in Extra Space Storage in the second quarter valued at about $275,000. Creative Planning boosted its holdings in Extra Space Storage by 1.1% during the second quarter. Creative Planning now owns 27,855 shares of the real estate investment trust's stock worth $4,329,000 after buying an additional 292 shares during the last quarter. Sunbelt Securities Inc. grew its position in shares of Extra Space Storage by 441.2% during the 2nd quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust's stock worth $96,000 after buying an additional 503 shares during the period. Finally, Quarry LP increased its stake in shares of Extra Space Storage by 1,480.0% in the 2nd quarter. Quarry LP now owns 869 shares of the real estate investment trust's stock valued at $135,000 after acquiring an additional 814 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

Extra Space Storage Stock Up 1.0 %

EXR stock traded up $1.61 during mid-day trading on Thursday, reaching $154.63. The company had a trading volume of 2,228,462 shares, compared to its average volume of 1,329,148. The company has a market capitalization of $32.78 billion, a price-to-earnings ratio of 40.48, a PEG ratio of 7.48 and a beta of 0.91. 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 52 week low of $131.02 and a 52 week high of $184.87. The stock has a 50 day simple moving average of $155.34 and a two-hundred day simple moving average of $164.73.

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 analysts' consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm's revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.02 earnings per share. As a group, equities analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage's dividend payout ratio (DPR) is 169.63%.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares in the company, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Diane Olmstead sold 3,081 shares of the company's stock in a transaction 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 sale, the director now owns 5,877 shares of the company's stock, valued at $967,119.12. This trade represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company's stock.

Analyst Ratings Changes

EXR has been the subject of a number of analyst reports. Scotiabank upgraded shares of Extra Space Storage from a "sector underperform" rating to a "sector perform" rating and set a $167.00 price objective for the company in a report on Friday, January 10th. Evercore ISI lowered 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 research report on Monday, October 14th. Truist Financial lifted their target price on Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a report on Thursday, December 5th. Wells Fargo & Company restated an "equal weight" rating and issued a $175.00 price target on shares of Extra Space Storage in a report on Monday, October 21st. Finally, StockNews.com raised Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $171.25.

Extra Space Storage 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.