Fjarde AP Fonden Fourth Swedish National Pension Fund Decreases Stock Holdings in Extra Space Storage Inc (NYSE:EXR)

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in Extra Space Storage by 14.9%, now holding 34,856 shares valued at $5.18 million.
• CEO Joseph D. Margolis sold 7,500 shares for a total of $1.13 million, decreasing his ownership by 21.58%.
• Extra Space Storage reported earnings of $2.05 per share, missing expectations, but saw a revenue increase of 3.8% year-over-year, amounting to $841.62 million.

Fjarde AP Fonden Fourth Swedish National Pension Fund trimmed its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 14.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,856 shares of the real estate investment trust's stock after selling 6,100 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Extra Space Storage were worth $5,176,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of EXR. Federated Hermes Inc. increased its position in Extra Space Storage by 206.9% in the fourth quarter. Federated Hermes Inc. now owns 1,105 shares of the real estate investment trust's stock worth $165,000 after buying an additional 745 shares during the last quarter. Ontario Teachers Pension Plan Board purchased a new position in shares of Extra Space Storage in the fourth quarter valued at $239,000. Keeley Teton Advisors LLC purchased a new position in shares of Extra Space Storage in the fourth quarter valued at $219,000. CANADA LIFE ASSURANCE Co grew its position in shares of Extra Space Storage by 1.5% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 417,651 shares of the real estate investment trust's stock valued at $62,458,000 after purchasing an additional 6,122 shares in the last quarter. Finally, Adams Wealth Management grew its position in shares of Extra Space Storage by 20.2% in the fourth quarter. Adams Wealth Management now owns 5,581 shares of the real estate investment trust's stock valued at $834,000 after purchasing an additional 936 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is currently owned by corporate insiders.

Extra Space Storage Trading Up 0.3%

Shares of EXR stock opened at $137.01 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The business has a 50-day moving average price of $146.30 and a two-hundred day moving average price of $147.31. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $184.87. The firm has a market cap of $29.08 billion, a P/E ratio of 29.72, a price-to-earnings-growth ratio of 3.31 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.01). The firm had revenue of $841.62 million during the quarter, compared to analysts' expectations of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.06 EPS. Equities analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $1.62 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $6.48 annualized dividend and a yield of 4.7%. Extra Space Storage's dividend payout ratio is currently 140.56%.

Analyst Ratings Changes

EXR has been the subject of several recent research reports. Benchmark reduced their price target on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. BNP Paribas upgraded Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Barclays reduced their price target on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Bank of America lifted their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Finally, Mizuho lifted 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $155.85.

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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