New York State Teachers Retirement System decreased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 2.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 190,186 shares of the real estate investment trust's stock after selling 5,273 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Extra Space Storage worth $34,270,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Extra Space Storage by 19.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust's stock worth $36,307,000 after purchasing an additional 40,055 shares during the period. Norden Group LLC acquired a new position in Extra Space Storage during the first quarter worth $1,947,000. Gateway Investment Advisers LLC purchased a new position in shares of Extra Space Storage during the second quarter worth $16,026,000. Centersquare Investment Management LLC grew its stake in shares of Extra Space Storage by 1.3% in the first quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust's stock valued at $341,941,000 after buying an additional 32,591 shares in the last quarter. Finally, MADDEN SECURITIES Corp purchased a new stake in shares of Extra Space Storage in the 2nd quarter valued at $1,002,000. Hedge funds and other institutional investors own 99.11% of the company's stock.
Analyst Upgrades and Downgrades
EXR has been the topic of several recent research reports. Scotiabank upped their target price on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a "sector underperform" rating in a research note on Thursday, August 22nd. StockNews.com cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a report on Thursday. Truist Financial upped their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a "hold" rating in a report on Friday, August 16th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Finally, Jefferies Financial Group raised Extra Space Storage from a "hold" rating to a "buy" rating and increased their price objective for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $171.07.
Read Our Latest Analysis on Extra Space Storage
Insider Activity at Extra Space Storage
In other news, CEO Joseph D. Margolis sold 7,500 shares of the business'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 transaction, the chief executive officer now directly owns 24,190 shares of the company's stock, valued at $4,318,398.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the sale, the chief executive officer now directly owns 24,190 shares of the company's stock, valued at $4,318,398.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth M. Woolley sold 6,647 shares of the business's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the transaction, the director now directly owns 404,306 shares of the company's stock, valued at approximately $71,655,152.38. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,970 shares of company stock valued at $3,367,307. 1.36% of the stock is owned by corporate insiders.
Extra Space Storage Price Performance
Extra Space Storage stock traded down $2.17 during trading hours on Friday, hitting $161.13. The stock had a trading volume of 749,569 shares, compared to its average volume of 1,038,952. The stock has a market capitalization of $34.15 billion, a price-to-earnings ratio of 43.04, a PEG ratio of 6.20 and a beta of 0.86. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.20. Extra Space Storage Inc. has a 1-year low of $104.72 and a 1-year high of $184.87. The stock's fifty day moving average is $174.12 and its two-hundred day moving average is $160.20.
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 EPS for the quarter, missing analysts' consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Extra Space Storage's revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.02 earnings per share. As a group, analysts predict that Extra Space Storage Inc. will post 8.08 earnings per share for the current fiscal year.
Extra Space Storage Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a dividend of $1.62 per share. The ex-dividend date was Monday, September 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.02%. Extra Space Storage's dividend payout ratio is currently 169.63%.
About Extra Space Storage
(
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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