OVERSEA CHINESE BANKING Corp Ltd Boosts Stake in Extra Space Storage Inc. (NYSE:EXR)

OVERSEA CHINESE BANKING Corp Ltd lifted its position in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 35.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 68,183 shares of the real estate investment trust's stock after purchasing an additional 17,781 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Extra Space Storage were worth $10,200,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. State Street Corp lifted its holdings in Extra Space Storage by 1.7% during the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust's stock worth $2,412,894,000 after buying an additional 227,006 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Extra Space Storage by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust's stock worth $360,436,000 after buying an additional 43,223 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Extra Space Storage by 5.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,127,067 shares of the real estate investment trust's stock worth $318,209,000 after buying an additional 106,608 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Extra Space Storage by 724.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust's stock worth $357,100,000 after buying an additional 1,741,320 shares during the period. Finally, Boston Partners lifted its holdings in Extra Space Storage by 5.9% during the fourth quarter. Boston Partners now owns 1,466,816 shares of the real estate investment trust's stock worth $219,437,000 after buying an additional 82,104 shares during the period. Hedge funds and other institutional investors own 99.11% of the company's stock.

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Extra Space Storage Stock Performance

Shares of NYSE EXR traded down $1.96 during mid-day trading on Friday, hitting $143.92. The stock had a trading volume of 1,769,806 shares, compared to its average volume of 1,001,523. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a 50 day moving average of $152.76 and a two-hundred day moving average of $161.05. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87. The firm has a market cap of $30.51 billion, a PE ratio of 37.67, a PEG ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. Research 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.50%. The ex-dividend date is Friday, March 14th. Extra Space Storage's dividend payout ratio is currently 160.40%.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the sale, the chief executive officer now directly owns 16,690 shares of the company's stock, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph J. Bonner sold 672 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the sale, the director now directly owns 4,557 shares in the company, valued at $679,448.70. This represents a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,392 shares of company stock valued at $1,396,515. Company insiders own 1.36% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a report on Thursday, March 6th. Truist Financial upped their price target on Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a research report on Thursday, December 5th. StockNews.com downgraded Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Friday, March 7th. Barclays reduced their price target on Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 12th. Finally, Royal Bank of Canada reduced their price target on Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating on the stock in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $171.09.

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.