Van ECK Associates Corp Increases Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Van ECK Associates Corp increased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 3.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,507 shares of the real estate investment trust’s stock after buying an additional 3,128 shares during the period. Van ECK Associates Corp’s holdings in Extra Space Storage were worth $13,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EXR. Vanguard Group Inc. raised its holdings in shares of Extra Space Storage by 55.7% during the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock worth $4,095,585,000 after acquiring an additional 12,055,172 shares during the period. Norges Bank purchased a new position in shares of Extra Space Storage during the 4th quarter worth $1,022,811,000. JPMorgan Chase & Co. raised its holdings in shares of Extra Space Storage by 599.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock worth $406,781,000 after acquiring an additional 2,867,657 shares during the period. Capital Research Global Investors increased its position in shares of Extra Space Storage by 111.4% during the 4th quarter. Capital Research Global Investors now owns 1,537,317 shares of the real estate investment trust’s stock worth $246,478,000 after purchasing an additional 810,158 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of Extra Space Storage by 45.9% during the 3rd quarter. Legal & General Group Plc now owns 2,402,752 shares of the real estate investment trust’s stock worth $292,127,000 after purchasing an additional 756,363 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

NYSE EXR traded up $0.22 on Friday, reaching $154.42. The stock had a trading volume of 211,504 shares, compared to its average volume of 1,104,363. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.15 and a current ratio of 0.15. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $164.99. The business’s 50-day moving average price is $148.67 and its 200 day moving average price is $146.98. The stock has a market cap of $32.70 billion, a P/E ratio of 34.34, a price-to-earnings-growth ratio of 3.25 and a beta of 0.83.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.20%. The ex-dividend date of this dividend was Friday, June 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on EXR. Evercore ISI cut their price objective on Extra Space Storage from $145.00 to $139.00 in a research report on Wednesday, May 1st. Wells Fargo & Company raised their price objective on Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Raymond James reissued an “outperform” rating and set a $160.00 price objective on shares of Extra Space Storage in a research report on Thursday, March 28th. Citigroup cut their price objective on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, June 7th. Finally, Barclays lifted their target price on Extra Space Storage from $157.00 to $158.00 and gave the company an “overweight” rating in a research report on Monday, May 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and an average target price of $151.83.

Insider Transactions at Extra Space Storage

In related news, Director Joseph J. Bonner sold 677 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the transaction, the director now owns 5,229 shares of the company’s stock, valued at $775,042.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Joseph J. Bonner sold 677 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the transaction, the director now owns 5,229 shares of the company’s stock, valued at $775,042.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the transaction, the chief executive officer now directly owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. Company 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.