Extra Space Storage Inc. (NYSE:EXR) Shares Bought by Korea Investment CORP

Korea Investment CORP grew its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 4.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 121,796 shares of the real estate investment trust’s stock after buying an additional 5,098 shares during the quarter. Korea Investment CORP’s holdings in Extra Space Storage were worth $18,221,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Extra Space Storage in the third quarter valued at about $334,000. Cerity Partners LLC lifted its holdings in shares of Extra Space Storage by 39.9% in the 3rd quarter. Cerity Partners LLC now owns 14,426 shares of the real estate investment trust’s stock valued at $2,599,000 after buying an additional 4,114 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Extra Space Storage by 3.1% in the third quarter. The Manufacturers Life Insurance Company now owns 147,115 shares of the real estate investment trust’s stock valued at $26,509,000 after buying an additional 4,358 shares in the last quarter. D.A. Davidson & CO. acquired a new position in Extra Space Storage during the third quarter worth $257,000. Finally, Townsquare Capital LLC raised its position in Extra Space Storage by 30.9% in the third quarter. Townsquare Capital LLC now owns 8,267 shares of the real estate investment trust’s stock worth $1,490,000 after acquiring an additional 1,953 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the transaction, the director now owns 4,557 shares in the company, valued at $679,448.70. This trade represents a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,392 shares of company stock worth $1,396,515. Insiders own 1.36% of the company’s stock.

Extra Space Storage Stock Up 0.2 %

Shares of NYSE:EXR opened at $145.41 on Friday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $30.83 billion, a P/E ratio of 38.07, a P/E/G ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a 52-week low of $131.02 and a 52-week high of $184.87. The stock’s fifty day simple moving average is $152.33 and its 200-day simple moving average is $160.01.

Extra Space Storage (NYSE:EXR) last released its quarterly 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. The company had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. As a group, equities research analysts forecast 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 announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.46%. Extra Space Storage’s payout ratio is currently 160.40%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on EXR shares. Scotiabank decreased their target price on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Royal Bank of Canada decreased their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Barclays dropped their target price on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $171.09.

Extra Space Storage Company Profile

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.