KLP Kapitalforvaltning AS Takes $10.75 Million Position in Extra Space Storage Inc. (NYSE:EXR)

KLP Kapitalforvaltning AS bought a new position in shares of Extra Space Storage Inc. (NYSE:EXR) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 71,880 shares of the real estate investment trust’s stock, valued at approximately $10,753,000.

A number of other hedge funds have also added to or reduced their stakes in EXR. Mizuho Securities USA LLC increased its stake in shares of Extra Space Storage by 46.2% in the 4th quarter. Mizuho Securities USA LLC now owns 20,091 shares of the real estate investment trust’s stock valued at $3,006,000 after acquiring an additional 6,349 shares in the last quarter. Blueshift Asset Management LLC bought a new stake in Extra Space Storage in the fourth quarter valued at $563,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Extra Space Storage by 36.7% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 113,117 shares of the real estate investment trust’s stock valued at $16,922,000 after purchasing an additional 30,393 shares during the period. Teacher Retirement System of Texas boosted its position in shares of Extra Space Storage by 84.2% during the 4th quarter. Teacher Retirement System of Texas now owns 57,197 shares of the real estate investment trust’s stock worth $8,557,000 after purchasing an additional 26,142 shares in the last quarter. Finally, Royal London Asset Management Ltd. grew its stake in shares of Extra Space Storage by 0.8% in the 4th quarter. Royal London Asset Management Ltd. now owns 86,727 shares of the real estate investment trust’s stock valued at $12,974,000 after buying an additional 649 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Insider Activity at Extra Space Storage

In other news, Director Joseph J. Bonner sold 672 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the transaction, the director now directly owns 4,557 shares of the company’s stock, valued at $679,448.70. This represents a 12.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction 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 trade represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,392 shares of company stock worth $1,396,515. 1.36% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Barclays dropped their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. Scotiabank reduced their price target on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Wells Fargo & Company decreased their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. 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 research note on Thursday, February 27th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $171.09.

Extra Space Storage Trading Up 1.4 %

NYSE:EXR opened at $145.84 on Tuesday. Extra Space Storage Inc. has a 52 week low of $131.02 and a 52 week high of $184.87. The firm has a 50-day moving average price of $152.73 and a two-hundred day moving average price of $160.75. The firm has a market cap of $30.92 billion, a price-to-earnings ratio of 38.18, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. On average, equities analysts expect that Extra Space Storage Inc. will post 8.1 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 Monday, March 31st. Investors of record on Friday, March 14th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 160.40%.

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.