Extra Space Storage Inc. (NYSE:EXR) Shares Acquired by Brown Financial Advisors

Brown Financial Advisors grew its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 69.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 9,134 shares of the real estate investment trust’s stock after purchasing an additional 3,731 shares during the quarter. Brown Financial Advisors’ holdings in Extra Space Storage were worth $1,646,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. State Street Corp boosted its stake in Extra Space Storage by 1.7% during 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 period. Massachusetts Financial Services Co. MA raised its stake 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 buying an additional 157,763 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Extra Space Storage by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock valued at $485,973,000 after buying an additional 45,717 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in Extra Space Storage by 7.2% during the second 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 acquiring an additional 198,888 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Extra Space Storage by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust’s stock worth $426,349,000 after acquiring an additional 111,137 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada initiated coverage on shares of Extra Space Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. KeyCorp lifted their price target on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research report on Monday, September 9th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and upped their price target for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Wells Fargo & Company reissued an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Finally, Barclays upped their target price on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $171.43.

Extra Space Storage Price Performance

NYSE:EXR opened at $164.56 on Tuesday. The company has a fifty day moving average price of $167.84 and a 200 day moving average price of $165.23. Extra Space Storage Inc. has a one year low of $131.02 and a one year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The stock has a market cap of $34.88 billion, a P/E ratio of 43.08, a PEG ratio of 8.23 and a beta of 0.89.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 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 prior year, the firm posted $2.02 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. Analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.94%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio is 169.63%.

Insider Activity

In other news, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now directly 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated 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 completion of 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. In the last quarter, insiders have sold 17,228 shares of company stock worth $3,023,957. Corporate 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.