Norges Bank Invests $938.65 Million in Extra Space Storage Inc. (NYSE:EXR)

Norges Bank acquired a new position in Extra Space Storage Inc. (NYSE:EXR) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 6,274,377 shares of the real estate investment trust’s stock, valued at approximately $938,647,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Tidal Investments LLC lifted its holdings in shares of Extra Space Storage by 34.4% during the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock valued at $2,278,000 after purchasing an additional 3,234 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Extra Space Storage by 724.1% during the 3rd 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 valued at $357,100,000 after acquiring an additional 1,741,320 shares during the last quarter. Duff & Phelps Investment Management Co. grew its stake in shares of Extra Space Storage by 9.5% in the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock worth $6,397,000 after acquiring an additional 3,093 shares during the period. Brown Financial Advisors raised its holdings in shares of Extra Space Storage by 69.1% during the third quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock valued at $1,646,000 after purchasing an additional 3,731 shares during the last quarter. Finally, Manning & Napier Advisors LLC lifted its position in Extra Space Storage by 1,127.2% during the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock valued at $116,985,000 after purchasing an additional 718,266 shares during the period. 99.11% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the 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 transaction, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the sale, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,392 shares of company stock worth $1,396,515. 1.36% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on EXR. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. Scotiabank reduced their price objective on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Barclays dropped their target price on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. Truist Financial increased their price objective 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, Royal Bank of Canada cut their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $171.09.

Extra Space Storage Trading Down 0.2 %

Shares of Extra Space Storage stock opened at $145.32 on Friday. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two 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. The company has a market capitalization of $30.81 billion, a P/E ratio of 38.04, a P/E/G ratio of 7.76 and a beta of 0.90. The company has a fifty day moving average of $152.44 and a 200 day moving average of $160.33.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $821.90 million during the quarter, compared to analysts’ expectations of $707.34 million. On average, sell-side 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 business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.46%. The ex-dividend date of this dividend is Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 160.40%.

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.