Franklin Resources Inc. Has $27.25 Million Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Franklin Resources Inc. lowered its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 16.5% in the third quarter, HoldingsChannel reports. The fund owned 159,228 shares of the real estate investment trust’s stock after selling 31,578 shares during the period. Franklin Resources Inc.’s holdings in Extra Space Storage were worth $27,250,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Blue Trust Inc. boosted its holdings in Extra Space Storage by 540.5% during the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 200 shares during the last quarter. Fifth Third Bancorp lifted its position in Extra Space Storage by 1.3% during the 2nd quarter. Fifth Third Bancorp now owns 9,943 shares of the real estate investment trust’s stock worth $1,545,000 after buying an additional 130 shares in the last quarter. Atria Wealth Solutions Inc. boosted its stake in shares of Extra Space Storage by 243.7% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 24,206 shares of the real estate investment trust’s stock worth $3,762,000 after buying an additional 17,163 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new position in shares of Extra Space Storage in the 2nd quarter valued at about $253,000. Finally, Retirement Systems of Alabama increased its position in shares of Extra Space Storage by 32.2% in the second quarter. Retirement Systems of Alabama now owns 169,462 shares of the real estate investment trust’s stock valued at $26,336,000 after acquiring an additional 41,306 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Wells Fargo & Company restated an “equal weight” rating and issued a $175.00 price target on shares of Extra Space Storage in a research note on Monday, October 21st. KeyCorp raised their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Evercore ISI dropped their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Scotiabank decreased their price objective on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a research report on Monday, November 25th. Finally, Barclays upped their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $171.43.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $147.66 on Thursday. The firm has a market cap of $31.30 billion, a P/E ratio of 38.65, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89. The business’s 50 day moving average is $165.47 and its 200-day moving average is $165.77. 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 1-year low of $131.02 and a 1-year high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same quarter in the previous year, the business earned $2.02 EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. Equities research analysts predict 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 $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

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.