Wellington Management Group LLP Lowers Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Wellington Management Group LLP lessened its holdings in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 6.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 598,629 shares of the real estate investment trust's stock after selling 42,300 shares during the period. Wellington Management Group LLP owned approximately 0.28% of Extra Space Storage worth $107,867,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of EXR. State Street Corp lifted its stake in shares of Extra Space Storage by 1.7% in the 3rd 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 during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Extra Space Storage by 4.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust's stock worth $551,586,000 after acquiring an additional 157,763 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Extra Space Storage by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust's stock worth $485,973,000 after acquiring an additional 45,717 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its stake in shares of Extra Space Storage by 7.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust's stock worth $460,890,000 after purchasing an additional 198,888 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Extra Space Storage by 4.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust's stock valued at $426,349,000 after purchasing an additional 111,137 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on EXR. Evercore ISI decreased their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating for the company in a research note on Monday, October 14th. 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 price objective for the company. KeyCorp upped their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an "overweight" rating in a research report on Monday, September 9th. Jefferies Financial Group upgraded Extra Space Storage from a "hold" rating to a "buy" rating and lifted their target price for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. Finally, Barclays upped their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an "overweight" rating in a report on Monday, October 28th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $171.43.

Extra Space Storage Stock Down 2.5 %

Shares of NYSE EXR traded down $4.13 during mid-day trading on Tuesday, reaching $160.38. 1,379,944 shares of the company were exchanged, compared to its average volume of 1,023,852. The stock has a market cap of $34.00 billion, a price-to-earnings ratio of 41.98, a P/E/G ratio of 8.23 and a beta of 0.89. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a 50-day moving average of $167.84 and a 200 day moving average of $165.23. Extra Space Storage Inc. has a 1 year low of $131.02 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data 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). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $824.80 million during the quarter, compared to analysts' expectations of $826.93 million. During the same period in the previous year, the business earned $2.02 earnings per share. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, research analysts expect that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.04%. The ex-dividend date is Monday, December 16th. Extra Space Storage's payout ratio is 169.63%.

Insider Activity

In related news, Director Kenneth M. Woolley sold 6,647 shares of the business's stock in a transaction dated 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 transaction, the director now directly owns 404,306 shares in the company, valued at approximately $71,655,152.38. The trade was a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred 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 transaction, the chief executive officer now owns 24,190 shares in the company, valued at approximately $4,318,398.80. The trade was a 23.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,228 shares of company stock valued at $3,023,957 in the last ninety days. Insiders own 1.36% of the company's stock.

About Extra Space Storage

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.