State of New Jersey Common Pension Fund D Trims Stake in Extra Space Storage Inc. (NYSE:EXR)

State of New Jersey Common Pension Fund D reduced its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 33.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 240,486 shares of the real estate investment trust’s stock after selling 119,911 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.11% of Extra Space Storage worth $37,374,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. GSA Capital Partners LLP purchased a new position in Extra Space Storage during the fourth quarter valued at approximately $3,304,000. State of Tennessee Treasury Department raised its position in Extra Space Storage by 252.1% during the fourth quarter. State of Tennessee Treasury Department now owns 114,819 shares of the real estate investment trust’s stock valued at $18,409,000 after acquiring an additional 82,207 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Extra Space Storage by 19.3% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust’s stock valued at $36,307,000 after buying an additional 40,055 shares in the last quarter. Norden Group LLC purchased a new stake in shares of Extra Space Storage in the first quarter valued at approximately $1,947,000. Finally, Gateway Investment Advisers LLC purchased a new stake in shares of Extra Space Storage in the second quarter valued at approximately $16,026,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the sale, the executive vice president now owns 32,855 shares in the company, valued at approximately $5,815,663.55. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the sale, the executive vice president now owns 32,855 shares in the company, valued at approximately $5,815,663.55. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the sale, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. Insiders have sold a total of 12,323 shares of company stock worth $1,994,709 in the last quarter. 1.36% of the stock is owned by company insiders.

Analyst Ratings Changes

EXR has been the subject of a number of recent analyst reports. Citigroup cut their price objective on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, June 7th. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $172.00 to $155.00 in a research report on Monday, August 5th. KeyCorp boosted 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. Wells Fargo & Company boosted their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Royal Bank of Canada assumed coverage on Extra Space Storage in a research note on Tuesday. They issued a “sector perform” rating and a $180.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $168.36.

Extra Space Storage Price Performance

EXR stock opened at $176.02 on Thursday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $37.27 billion, a PE ratio of 39.20, a P/E/G ratio of 2.53 and a beta of 0.86. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $179.23. The business’s fifty day moving average price is $166.77 and its 200 day moving average price is $152.94.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, September 16th. This represents a $6.48 annualized dividend and a yield of 3.68%. Extra Space Storage’s dividend payout ratio (DPR) is 144.32%.

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.