Fifth Third Bancorp Purchases 2,397 Shares of Extra Space Storage Inc (NYSE:EXR)

Fifth Third Bancorp lifted its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 25.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,835 shares of the real estate investment trust's stock after buying an additional 2,397 shares during the period. Fifth Third Bancorp's holdings in Extra Space Storage were worth $1,757,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of EXR. CX Institutional purchased a new stake in Extra Space Storage during the 1st quarter valued at $127,000. Natixis purchased a new stake in shares of Extra Space Storage during the fourth quarter worth about $11,501,000. Investment Management Corp of Ontario grew its stake in shares of Extra Space Storage by 37.0% in the fourth quarter. Investment Management Corp of Ontario now owns 9,543 shares of the real estate investment trust's stock worth $1,428,000 after purchasing an additional 2,579 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in Extra Space Storage by 20.0% during the 4th quarter. Jones Financial Companies Lllp now owns 1,109 shares of the real estate investment trust's stock valued at $166,000 after purchasing an additional 185 shares during the period. Finally, Donaldson Capital Management LLC raised its position in Extra Space Storage by 3.5% during the 4th quarter. Donaldson Capital Management LLC now owns 287,956 shares of the real estate investment trust's stock valued at $43,078,000 after purchasing an additional 9,804 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on EXR. Bank of America boosted their target price on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Wells Fargo & Company cut their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. The Goldman Sachs Group reissued a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Barclays cut their target price on shares of Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Extra Space Storage currently has an average rating of "Moderate Buy" and a consensus price target of $159.54.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the completion of the transaction, the chief executive officer now directly owns 9,190 shares in the company, valued at $1,355,065.50. This trade represents a 44.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.96% of the company's stock.

Extra Space Storage Stock Down 1.0%

NYSE EXR traded down $1.50 during trading hours on Thursday, reaching $146.39. 947,090 shares of the company's stock traded hands, compared to its average volume of 1,051,311. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.33 and a quick ratio of 0.33. The firm has a 50-day simple moving average of $146.17 and a 200 day simple moving average of $149.38. The firm has a market cap of $31.06 billion, a PE ratio of 33.96, a PEG ratio of 3.59 and a beta of 1.11.

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

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date is Monday, June 16th. Extra Space Storage's payout ratio is 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.