Cerity Partners LLC Increases Stock Position in Extra Space Storage Inc (NYSE:EXR)

Cerity Partners LLC raised its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 127.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,451 shares of the real estate investment trust's stock after acquiring an additional 19,862 shares during the period. Cerity Partners LLC's holdings in Extra Space Storage were worth $5,264,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Cohen & Steers Inc. boosted its position in shares of Extra Space Storage by 5.9% in the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock valued at $1,383,094,000 after purchasing an additional 516,941 shares during the period. Norges Bank purchased a new stake in Extra Space Storage in the fourth quarter valued at approximately $938,647,000. Dimensional Fund Advisors LP boosted its holdings in shares of Extra Space Storage by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock valued at $469,229,000 after acquiring an additional 24,533 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Extra Space Storage by 3.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust's stock valued at $458,520,000 after acquiring an additional 104,986 shares during the period. Finally, Northern Trust Corp grew its position in shares of Extra Space Storage by 48.7% during the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock worth $430,107,000 after acquiring an additional 941,212 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Benchmark decreased their price target on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. BNP Paribas Exane initiated coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They set a "neutral" rating and a $156.00 target price for the company. Scotiabank raised their price target on Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. Mizuho boosted their price target on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Finally, BNP Paribas raised Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $159.29.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the transaction, the chief executive officer directly owned 27,260 shares in the company, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.96% of the stock is owned by corporate insiders.

Extra Space Storage Trading Up 0.6%

Shares of EXR opened at $148.85 on Thursday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.85. The firm's 50-day moving average is $148.93 and its two-hundred day moving average is $148.39. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87. The firm has a market capitalization of $31.59 billion, a P/E ratio of 34.54, a PEG ratio of 3.59 and a beta of 1.10.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a return on equity of 6.11% and a net margin of 27.84%. The business had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. During the same quarter in the previous year, the company earned $1.96 EPS. The company's quarterly revenue was up 2.6% on a year-over-year basis. On average, research analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.35%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio (DPR) is presently 150.35%.

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.

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