New York Life Investment Management LLC Grows Position in Extra Space Storage Inc. (NYSE:EXR)

New York Life Investment Management LLC boosted its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 1.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 31,547 shares of the real estate investment trust’s stock after purchasing an additional 354 shares during the period. New York Life Investment Management LLC’s holdings in Extra Space Storage were worth $4,719,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new stake in Extra Space Storage during the 4th quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in Extra Space Storage during the 3rd quarter worth approximately $33,000. Harvest Fund Management Co. Ltd purchased a new stake in Extra Space Storage during the 3rd quarter worth approximately $42,000. Quent Capital LLC boosted its holdings in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 154 shares during the last quarter. Finally, Asset Planning Inc purchased a new stake in shares of Extra Space Storage in the 4th quarter valued at $52,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Truist Financial upped their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Royal Bank of Canada dropped 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. Wells Fargo & Company dropped their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Barclays dropped their price objective on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Finally, Scotiabank raised shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective on the stock in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $171.55.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $152.36 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’s fifty day moving average price is $152.27 and its 200 day moving average price is $163.47. The company has a market capitalization of $32.30 billion, a PE ratio of 39.88, a price-to-earnings-growth ratio of 7.76 and a beta of 0.91. Extra Space Storage Inc. has a 1 year low of $131.02 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The company had revenue of $821.90 million during 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%. On average, research analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s dividend payout ratio is presently 160.40%.

Insider Activity

In other 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 value of $1,110,075.00. Following the completion of the sale, the chief executive officer now directly owns 16,690 shares in the company, valued at $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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.