OFI Invest Asset Management Makes New Investment in Extra Space Storage Inc. (NYSE:EXR)

OFI Invest Asset Management bought a new position in Extra Space Storage Inc. (NYSE:EXR) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,624 shares of the real estate investment trust’s stock, valued at approximately $813,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Amundi grew its stake in Extra Space Storage by 82.0% in the 4th quarter. Amundi now owns 828,644 shares of the real estate investment trust’s stock worth $122,649,000 after acquiring an additional 373,274 shares during the period. Naviter Wealth LLC grew its stake in shares of Extra Space Storage by 15.1% during the 4th quarter. Naviter Wealth LLC now owns 13,563 shares of the real estate investment trust’s stock valued at $2,029,000 after buying an additional 1,782 shares during the period. Andra AP fonden grew its stake in shares of Extra Space Storage by 202.8% during the 4th quarter. Andra AP fonden now owns 42,700 shares of the real estate investment trust’s stock valued at $6,388,000 after buying an additional 28,600 shares during the period. Candriam S.C.A. grew its stake in shares of Extra Space Storage by 9.2% during the 4th quarter. Candriam S.C.A. now owns 14,507 shares of the real estate investment trust’s stock valued at $2,170,000 after buying an additional 1,228 shares during the period. Finally, Lindbrook Capital LLC grew its stake in shares of Extra Space Storage by 14.9% during the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust’s stock valued at $78,000 after buying an additional 68 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EXR. Barclays lowered their price objective on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Scotiabank lowered their price objective on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company lowered their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Royal Bank of Canada lowered their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. Finally, StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $171.36.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $157.11 on Monday. Extra Space Storage Inc. has a 12 month low of $131.02 and a 12 month 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 firm has a market capitalization of $33.31 billion, a P/E ratio of 41.13, a P/E/G ratio of 7.76 and a beta of 0.90. The company’s fifty day moving average price is $152.91 and its two-hundred day moving average price is $162.97.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. On average, research analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $1.62 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.12%. Extra Space Storage’s dividend payout ratio is currently 160.40%.

Insiders Place Their Bets

In other news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares in the company, valued at approximately $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 company 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.