Thrivent Financial for Lutherans cut its stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 452,959 shares of the real estate investment trust's stock after selling 8,871 shares during the quarter. Thrivent Financial for Lutherans owned 0.21% of Extra Space Storage worth $67,763,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. State Street Corp increased its stake in Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust's stock valued at $2,412,894,000 after purchasing an additional 227,006 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Extra Space Storage by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust's stock valued at $360,436,000 after buying an additional 43,223 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Extra Space Storage by 5.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 2,127,067 shares of the real estate investment trust's stock valued at $318,209,000 after buying an additional 106,608 shares in the last quarter. 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 acquiring an additional 1,741,320 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC increased its holdings in shares of Extra Space Storage by 91.2% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust's stock worth $163,027,000 after acquiring an additional 519,934 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the company. Barclays cut their price objective on Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating on the stock in a report on Wednesday, March 12th. Scotiabank lowered their price objective on shares of Extra Space Storage from $167.00 to $165.00 and set a "sector perform" rating for the company in a research report on Wednesday, March 5th. Royal Bank of Canada lowered their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating for the company in a research report on Thursday, February 27th. Truist Financial increased 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. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a report on Thursday, March 6th. 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 MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $171.09.
Read Our Latest Report on Extra Space Storage
Extra Space Storage Stock Down 1.3 %
EXR traded down $1.96 on Friday, hitting $143.92. 1,769,806 shares of the company were exchanged, 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 stock's fifty day moving average is $152.76 and its 200-day moving average is $161.05. The company 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 Inc. has a 12 month low of $131.02 and a 12 month high of $184.87.
Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, beating the consensus estimate of $1.10 by $0.93. The company had revenue of $821.90 million during the quarter, compared to the consensus estimate of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Equities research analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.
Extra Space Storage Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $1.62 per share. The ex-dividend date is Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.50%. Extra Space Storage's dividend payout ratio is presently 160.40%.
Insider Activity
In other news, EVP William N. Springer sold 1,220 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares of the company's stock, valued at $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm's 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 owns 16,690 shares of the company's stock, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,392 shares of company stock valued at $1,396,515. 1.36% of the stock is owned by company insiders.
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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