Extra Space Storage Inc. (NYSE:EXR) Stake Increased by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd grew its holdings in Extra Space Storage Inc. (NYSE:EXR) by 177.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,686 shares of the real estate investment trust’s stock after purchasing an additional 3,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Extra Space Storage were worth $844,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of EXR. Pathway Financial Advisers LLC lifted its holdings in shares of Extra Space Storage by 17,832.9% in the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after purchasing an additional 2,007,626 shares in the last quarter. Boston Partners purchased a new stake in shares of Extra Space Storage during the first quarter worth $130,554,000. American Century Companies Inc. raised its holdings in shares of Extra Space Storage by 543.5% during the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock worth $61,724,000 after acquiring an additional 335,447 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Extra Space Storage by 20.5% during the second quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock worth $291,720,000 after acquiring an additional 319,965 shares in the last quarter. Finally, Mizuho Securities USA LLC raised its holdings in shares of Extra Space Storage by 1,664.3% during the third quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock worth $51,912,000 after acquiring an additional 271,765 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Trading Up 0.6 %

Shares of NYSE:EXR opened at $172.68 on Friday. The company has a market cap of $36.60 billion, a P/E ratio of 45.20, a P/E/G ratio of 8.58 and a beta of 0.87. The stock’s 50-day moving average is $169.82 and its 200-day moving average is $164.15. Extra Space Storage Inc. has a 52-week low of $125.82 and a 52-week high of $184.87. 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, 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). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. During the same period in the prior year, the business posted $2.02 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. Equities research analysts predict that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is presently 169.63%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on EXR. Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Bank of America lowered Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $172.00 to $155.00 in a report on Monday, August 5th. Scotiabank cut their price objective on Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a report on Monday. Evercore ISI cut their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Finally, Truist Financial raised their target price on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a report on Friday, August 16th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average price target of $171.36.

Insider Buying and Selling

In related news, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the sale, the director now directly owns 404,306 shares of the company’s stock, valued at $71,655,152.38. This trade represents a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the sale, the director now directly owns 5,877 shares in the company, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,228 shares of company stock valued at $3,023,957 over the last three months. 1.36% of the stock is owned by corporate insiders.

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.