Intact Investment Management Inc. Acquires 1,300 Shares of Extra Space Storage Inc. (NYSE:EXR)

Intact Investment Management Inc. boosted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 9.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,600 shares of the real estate investment trust’s stock after purchasing an additional 1,300 shares during the quarter. Intact Investment Management Inc.’s holdings in Extra Space Storage were worth $2,424,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of EXR. International Assets Investment Management LLC bought a new stake in shares of Extra Space Storage in the 4th quarter worth approximately $24,857,000. Federated Hermes Inc. raised its holdings in shares of Extra Space Storage by 54.0% in the 4th quarter. Federated Hermes Inc. now owns 2,416 shares of the real estate investment trust’s stock worth $387,000 after buying an additional 847 shares in the last quarter. Kestra Private Wealth Services LLC acquired a new position in shares of Extra Space Storage in the 4th quarter worth approximately $297,000. New York Life Investment Management LLC raised its holdings in shares of Extra Space Storage by 3.6% in the 4th quarter. New York Life Investment Management LLC now owns 32,878 shares of the real estate investment trust’s stock worth $5,271,000 after buying an additional 1,128 shares in the last quarter. Finally, First Trust Direct Indexing L.P. raised its holdings in shares of Extra Space Storage by 46.1% in the 4th quarter. First Trust Direct Indexing L.P. now owns 2,617 shares of the real estate investment trust’s stock worth $420,000 after buying an additional 826 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

EXR has been the subject of a number of recent research reports. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Scotiabank increased their target price on Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a report on Thursday, August 22nd. Barclays increased their target price on Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $172.00 to $155.00 in a report on Monday, August 5th. Finally, Wells Fargo & Company boosted their price objective on Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Extra Space Storage currently has an average rating of “Hold” and a consensus target price of $166.58.

Extra Space Storage Price Performance

NYSE:EXR traded up $1.46 during mid-day trading on Friday, reaching $177.00. 767,387 shares of the company were exchanged, compared to its average volume of 1,044,711. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $179.23. The company has a fifty day moving average of $163.58 and a 200 day moving average of $150.94. The company has a quick ratio of 0.15, a current ratio of 0.20 and a debt-to-equity ratio of 0.76. The stock has a market cap of $37.48 billion, a PE ratio of 39.42, a PEG ratio of 3.37 and a beta of 0.83.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Monday, September 16th. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insider Activity

In other news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph J. Bonner sold 677 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the sale, the director now owns 5,229 shares in the company, valued at $775,042.38. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,000 shares of company stock valued at $2,095,054. 1.36% of the stock is currently owned by insiders.

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.