OFI Invest Asset Management Sells 771 Shares of Extra Space Storage Inc. (NYSE:EXR)

OFI Invest Asset Management reduced its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 10.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,457 shares of the real estate investment trust’s stock after selling 771 shares during the quarter. OFI Invest Asset Management’s holdings in Extra Space Storage were worth $936,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. International Assets Investment Management LLC acquired a new position in Extra Space Storage during the fourth quarter valued at approximately $24,857,000. Cerity Partners LLC boosted its holdings in shares of Extra Space Storage by 47.4% in the 4th quarter. Cerity Partners LLC now owns 6,564 shares of the real estate investment trust’s stock valued at $1,052,000 after buying an additional 2,110 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Extra Space Storage in the fourth quarter valued at $2,052,000. Mackenzie Financial Corp increased its holdings in Extra Space Storage by 28.1% during the fourth quarter. Mackenzie Financial Corp now owns 19,108 shares of the real estate investment trust’s stock worth $3,064,000 after buying an additional 4,186 shares during the last quarter. Finally, Everence Capital Management Inc. bought a new stake in Extra Space Storage during the fourth quarter worth $505,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on EXR shares. Evercore ISI upped their target price on shares of Extra Space Storage from $140.00 to $151.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Wells Fargo & Company raised their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Truist Financial boosted their target price on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a report on Friday. Barclays raised their price target on Extra Space Storage from $157.00 to $158.00 and gave the company an “overweight” rating in a report on Monday, May 20th. Finally, Raymond James upped their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Extra Space Storage has a consensus rating of “Hold” and an average price target of $161.92.

Insider Activity

In other news, Director Joseph J. Bonner sold 677 shares of Extra Space Storage stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the sale, the director now directly owns 5,229 shares of the company’s stock, valued at $775,042.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Joseph J. Bonner sold 677 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the sale, the director now owns 5,229 shares of the company’s stock, valued at $775,042.38. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the sale, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Price Performance

EXR stock traded up $1.10 during trading on Friday, reaching $167.27. 870,971 shares of the company were exchanged, compared to its average volume of 1,072,487. The company has a market capitalization of $35.42 billion, a price-to-earnings ratio of 37.25, a P/E/G ratio of 3.37 and a beta of 0.83. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.15. The company has a 50-day moving average of $159.92 and a two-hundred day moving average of $148.80. Extra Space Storage Inc. has a twelve month low of $101.19 and a twelve month high of $171.46.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 3.87%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

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.