Manning & Napier Advisors LLC Buys 38,799 Shares of Extra Space Storage Inc $EXR

Key Points

• Manning & Napier Advisors sharply increased its position in Extra Space Storage, buying 38,799 additional shares in the fourth quarter and raising its stake by 3,007.7% to 40,089 shares worth about $5.22 million.
• Other institutional investors also boosted their holdings, and institutions and hedge funds now own 99.11% of the company’s stock, showing heavy ownership by large investors.
• Extra Space Storage reported mixed quarterly results, with EPS of $1.14 missing estimates but revenue of $856.03 million topping forecasts slightly; the company also maintained a quarterly dividend of $1.62 per share, yielding about 4.5%.

Manning & Napier Advisors LLC lifted its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 3,007.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,089 shares of the real estate investment trust's stock after purchasing an additional 38,799 shares during the period. Manning & Napier Advisors LLC's holdings in Extra Space Storage were worth $5,220,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Extra Space Storage by 900.0% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,187,795 shares of the real estate investment trust's stock worth $308,348,000 after acquiring an additional 1,969,013 shares in the last quarter. Resolution Capital Ltd grew its position in shares of Extra Space Storage by 116.2% in the 2nd quarter. Resolution Capital Ltd now owns 1,950,842 shares of the real estate investment trust's stock valued at $287,632,000 after acquiring an additional 1,048,685 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of Extra Space Storage by 191.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,362,422 shares of the real estate investment trust's stock worth $177,425,000 after purchasing an additional 895,013 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Extra Space Storage by 85.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,441,444 shares of the real estate investment trust's stock worth $203,160,000 after purchasing an additional 665,204 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings in shares of Extra Space Storage by 27.9% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 2,413,454 shares of the real estate investment trust's stock valued at $340,152,000 after purchasing an additional 526,163 shares during the period. Institutional investors and hedge funds own 99.11% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on EXR. Scotiabank lifted their price target on Extra Space Storage from $145.00 to $156.00 and gave the stock a "sector perform" rating in a report on Monday, March 2nd. JPMorgan Chase & Co. upped their price objective on Extra Space Storage from $142.00 to $144.00 and gave the company a "neutral" rating in a research note on Monday, March 23rd. Truist Financial cut their price objective on Extra Space Storage from $158.00 to $150.00 and set a "hold" rating for the company in a research report on Wednesday. Bank of America downgraded Extra Space Storage from a "neutral" rating to an "underperform" rating and set a $143.00 target price for the company. in a research note on Thursday, February 5th. Finally, BNP Paribas Exane raised Extra Space Storage from a "neutral" rating to an "outperform" rating and set a $154.00 target price on the stock in a report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $143.93.

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 on Friday, March 13th. The stock was sold at an average price of $142.08, for a total value of $1,065,600.00. Following the transaction, the chief executive officer directly owned 66,495 shares of the company's stock, valued at $9,447,609.60. This represents a 10.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.96% of the stock is owned by company insiders.

Extra Space Storage Stock Up 0.0%

Shares of EXR opened at $143.33 on Friday. Extra Space Storage Inc has a 52 week low of $125.71 and a 52 week high of $155.19. The firm has a market cap of $30.28 billion, a P/E ratio of 32.14, a price-to-earnings-growth ratio of 4.66 and a beta of 1.22. The firm's 50-day simple moving average is $139.97 and its 200 day simple moving average is $138.25. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.39 and a current ratio of 0.37.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.01 by ($0.87). Extra Space Storage had a return on equity of 6.65% and a net margin of 27.66%.The company had revenue of $856.03 million for the quarter, compared to analyst estimates of $851.35 million. During the same quarter last year, the business earned $2.00 earnings per share. The company's revenue was up 4.4% on a year-over-year basis. Extra Space Storage has set its FY 2026 guidance at 8.050-8.350 EPS. On average, analysts forecast that Extra Space Storage Inc will post 8.23 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Monday, March 16th. Extra Space Storage's dividend payout ratio (DPR) is presently 145.29%.

Extra Space Storage Profile

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

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