The Manufacturers Life Insurance Company Raises Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

The Manufacturers Life Insurance Company lifted its holdings in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 3.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 147,115 shares of the real estate investment trust's stock after purchasing an additional 4,358 shares during the period. The Manufacturers Life Insurance Company owned about 0.07% of Extra Space Storage worth $26,509,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of EXR. Capital Square LLC grew its holdings in shares of Extra Space Storage by 6.3% during the 3rd quarter. Capital Square LLC now owns 8,110 shares of the real estate investment trust's stock valued at $1,461,000 after acquiring an additional 478 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Extra Space Storage in the third quarter worth $42,000. Fisher Asset Management LLC boosted its holdings in Extra Space Storage by 0.5% during the third quarter. Fisher Asset Management LLC now owns 59,231 shares of the real estate investment trust's stock valued at $10,673,000 after acquiring an additional 308 shares during the period. Daiwa Securities Group Inc. grew its holdings in Extra Space Storage by 10.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,020,459 shares of the real estate investment trust's stock valued at $364,066,000 after buying an additional 189,949 shares during the last quarter. Finally, Swedbank AB grew its stake in shares of Extra Space Storage by 4.5% in the third quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust's stock worth $43,810,000 after acquiring an additional 10,408 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on EXR shares. Bank of America cut Extra Space Storage from a "neutral" rating to an "underperform" rating and lowered their price objective for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Evercore ISI decreased their price target on Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating on the stock in a report on Monday, October 14th. KeyCorp lifted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an "overweight" rating in a report on Monday, September 9th. Truist Financial increased their price target on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a "hold" rating in a research report on Friday, August 16th. Finally, Royal Bank of Canada assumed coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a "sector perform" rating and a $180.00 target price on the stock. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $171.36.

Extra Space Storage Price Performance

Shares of EXR stock traded down $1.72 during trading hours on Friday, reaching $170.96. The stock had a trading volume of 1,273,975 shares, compared to its average volume of 852,595. The stock's fifty day simple moving average is $169.64 and its 200 day simple moving average is $164.51. The firm has a market capitalization of $36.24 billion, a PE ratio of 44.75, a PEG ratio of 8.61 and a beta of 0.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 12 month low of $129.23 and a 12 month high of $184.87.

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 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). The business had revenue of $824.80 million for the quarter, compared to analysts' expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company's revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business posted $2.02 earnings per share. On average, equities research analysts predict that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 3.79%. Extra Space Storage's payout ratio is 169.63%.

Insider Activity at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the transaction, the director now owns 5,877 shares in the company, valued at $967,119.12. This trade represents a 34.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 value of $1,178,047.81. Following the transaction, the director now owns 404,306 shares of the company's stock, valued at approximately $71,655,152.38. This trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,228 shares of company stock worth $3,023,957 over the last ninety days. 1.36% of the stock is owned by corporate insiders.

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.