Pacer Advisors Inc. boosted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR – Free Report) by 134.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 167,735 shares of the real estate investment trust’s stock after purchasing an additional 96,136 shares during the period. Pacer Advisors Inc.’s holdings in Extra Space Storage were worth $25,093,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in EXR. State Street Corp lifted its holdings in shares of 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 valued at $426,349,000 after buying an additional 111,137 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Extra Space Storage by 10.4% in the third quarter. Daiwa Securities Group Inc. now owns 2,020,459 shares of the real estate investment trust’s stock valued at $364,066,000 after buying an additional 189,949 shares during the period. Pathway Financial Advisers LLC increased its position in shares of Extra Space Storage by 17,832.9% during the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock worth $363,783,000 after acquiring an additional 2,007,626 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of 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. 99.11% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
EXR has been the subject of a number of research analyst reports. Evercore ISI reduced their target price 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. Scotiabank upgraded Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective for the company in a report on Friday, January 10th. Barclays cut their target price on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Truist Financial raised their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Finally, StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and a consensus target price of $171.25.
Extra Space Storage Stock Performance
EXR opened at $156.04 on Tuesday. The firm has a market cap of $33.08 billion, a P/E ratio of 40.85, a price-to-earnings-growth ratio of 7.48 and a beta of 0.91. The business’s fifty day moving average is $155.96 and its 200-day moving average is $164.88. Extra Space Storage Inc. has a 52-week low of $131.02 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.
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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The firm had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.02 earnings per share. Sell-side analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.
Extra Space Storage Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.15%. Extra Space Storage’s dividend payout ratio is 169.63%.
Insider Activity at Extra Space Storage
In related news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the sale, the director now directly owns 5,877 shares of the company’s stock, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the 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 completion of the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.
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.
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