BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Boosts Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Extra Space Storage Inc. (NYSE:EXR) by 485.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 237,331 shares of the real estate investment trust’s stock after purchasing an additional 196,811 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.11% of Extra Space Storage worth $42,765,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. EdgeRock Capital LLC purchased a new stake in Extra Space Storage during the 2nd quarter worth about $25,000. Centerpoint Advisors LLC purchased a new position in shares of Extra Space Storage in the 2nd quarter valued at $27,000. Ashton Thomas Securities LLC acquired a new stake in Extra Space Storage during the 3rd quarter worth $33,000. Blue Trust Inc. lifted its position in Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 200 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in Extra Space Storage in the third quarter valued at $42,000. 99.11% of the stock is owned by institutional investors and hedge funds.

Extra Space Storage Price Performance

NYSE:EXR opened at $171.21 on Friday. 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 50-day moving average of $169.64 and a 200-day moving average of $164.31. Extra Space Storage Inc. has a 52 week low of $129.23 and a 52 week high of $184.87. The company has a market capitalization of $36.29 billion, a price-to-earnings ratio of 44.82, a PEG ratio of 8.69 and a beta of 0.87.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). The company had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.02 earnings per share. As a group, equities research analysts anticipate that Extra Space Storage Inc. will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Analysts Set New Price Targets

A number of analysts recently weighed in on EXR shares. Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a research note on Monday, October 21st. Scotiabank decreased their target price on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating on the stock in a research report on Monday, November 25th. Royal Bank of Canada assumed coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Finally, Barclays boosted their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $171.36.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the sale, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the transaction, the director now owns 404,306 shares in the company, valued at $71,655,152.38. This represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,228 shares of company stock worth $3,023,957 in the last quarter. Insiders own 1.36% of the company’s stock.

Extra Space Storage 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.