Prudential Financial Inc. Raises Stake in Extra Space Storage Inc. (NYSE:EXR)

Prudential Financial Inc. raised its holdings in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 28.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,442,852 shares of the real estate investment trust's stock after purchasing an additional 320,083 shares during the quarter. Prudential Financial Inc. owned about 0.68% of Extra Space Storage worth $215,851,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC purchased a new position in shares of Extra Space Storage in the 4th quarter valued at approximately $25,000. Harbour Investments Inc. grew its position in Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock valued at $25,000 after buying an additional 80 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Extra Space Storage in the 3rd quarter valued at $42,000. Quent Capital LLC raised its position in Extra Space Storage by 89.0% during the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock worth $49,000 after buying an additional 154 shares during the last quarter. Finally, Asset Planning Inc acquired a new stake in shares of Extra Space Storage in the 4th quarter worth $52,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $143.92 on Monday. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87. 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 firm's 50-day simple moving average is $152.76 and its 200-day simple moving average is $160.95. The firm has a market cap of $30.51 billion, a P/E ratio of 37.67, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90.

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Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $821.90 million during the quarter, compared to analysts' expectations of $707.34 million. As a group, research analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $1.62 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.50%. Extra Space Storage's payout ratio is 160.40%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. StockNews.com lowered shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Friday, March 7th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Royal Bank of Canada cut their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating on the stock in a report on Thursday, February 27th. Scotiabank reduced their target price on Extra Space Storage from $167.00 to $165.00 and set a "sector perform" rating on the stock in a report on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Extra Space Storage has a consensus rating of "Hold" and an average price target of $171.09.

Insiders Place Their Bets

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction dated Friday, February 28th. The stock was 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph J. Bonner sold 672 shares of Extra Space Storage stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares of the company's stock, valued at $679,448.70. This represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,392 shares of company stock valued at $1,396,515 over the last ninety days. 1.36% of the stock is currently owned by company 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.

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