Extra Space Storage Inc. (NYSE:EXR) Stake Raised by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC lifted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 15.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,360 shares of the real estate investment trust’s stock after buying an additional 984 shares during the period. Orion Portfolio Solutions LLC’s holdings in Extra Space Storage were worth $1,101,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock worth $2,412,894,000 after purchasing an additional 227,006 shares in the last quarter. Norges Bank bought a new position in Extra Space Storage in the 4th quarter valued at about $938,647,000. Charles Schwab Investment Management Inc. increased its stake in Extra Space Storage by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust’s stock valued at $360,436,000 after buying an additional 43,223 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Extra Space Storage by 5.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,127,067 shares of the real estate investment trust’s stock worth $318,209,000 after buying an additional 106,608 shares in the last quarter. Finally, Boston Partners lifted its stake in shares of Extra Space Storage by 5.9% in the 4th quarter. Boston Partners now owns 1,466,816 shares of the real estate investment trust’s stock worth $219,437,000 after acquiring an additional 82,104 shares during the period. 99.11% of the stock is owned by institutional investors.

Insiders Place Their Bets

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 value of $100,195.20. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William N. Springer sold 1,220 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,392 shares of company stock worth $1,392,315. 1.36% of the stock is currently owned by company insiders.

Extra Space Storage Stock Performance

Extra Space Storage stock opened at $138.05 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The company has a market cap of $29.27 billion, a P/E ratio of 36.14, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The firm’s 50 day simple moving average is $151.74 and its 200-day simple moving average is $159.02.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.93. The company had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. As a group, equities research analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.69%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s dividend payout ratio is currently 160.40%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Wells Fargo & Company lowered 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 research note on Friday, February 21st. Scotiabank dropped their price objective on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Royal Bank of Canada decreased their target price on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Finally, Barclays cut their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and a consensus target price of $171.09.

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.