Norges Bank Purchases Shares of 9,365,735 Extra Space Storage Inc $EXR

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Extra Space Storage, buying 9,365,735 shares valued at about $1.22 billion and ending with a 4.41% ownership position.
• Wall Street sentiment is mixed on EXR: analysts currently rate the stock a consensus “Hold” with an average target price of $151.86, while recent firms adjusted targets and one downgraded the shares to underperform.
• Extra Space Storage reported Q1 earnings of $1.14 per share, well below expectations, even as revenue came in slightly ahead of estimates; the company also declared a $1.62 quarterly dividend yielding about 4.5%.

Norges Bank purchased a new stake in Extra Space Storage Inc (NYSE:EXR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 9,365,735 shares of the real estate investment trust's stock, valued at approximately $1,219,606,000. Norges Bank owned 4.41% of Extra Space Storage at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Eurizon SLJ Capital Ltd bought a new stake in Extra Space Storage in the 4th quarter valued at $83,000. Eurizon Capital SGR S.p.A. bought a new stake in Extra Space Storage in the 4th quarter valued at $1,464,000. National Pension Service boosted its holdings in Extra Space Storage by 16.6% in the 4th quarter. National Pension Service now owns 385,841 shares of the real estate investment trust's stock valued at $50,244,000 after purchasing an additional 54,889 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Extra Space Storage by 12.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,712 shares of the real estate investment trust's stock valued at $223,000 after purchasing an additional 190 shares during the period. Finally, Ilmarinen Mutual Pension Insurance Co boosted its holdings in Extra Space Storage by 165.0% in the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 36,300 shares of the real estate investment trust's stock valued at $4,727,000 after purchasing an additional 22,600 shares during the period. 99.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on EXR. Truist Financial reduced their price target on shares of Extra Space Storage from $158.00 to $150.00 and set a "hold" rating for the company in a report on Wednesday, May 6th. Wells Fargo & Company reduced their price objective on shares of Extra Space Storage from $150.00 to $148.00 and set an "overweight" rating for the company in a report on Thursday, April 16th. Bank of America downgraded shares of Extra Space Storage from a "neutral" rating to an "underperform" rating and set a $143.00 price objective for the company. in a report on Thursday, February 5th. JPMorgan Chase & Co. raised their price objective on shares of Extra Space Storage from $142.00 to $144.00 and gave the stock a "neutral" rating in a report on Monday, March 23rd. Finally, Scotiabank raised their price objective on shares of Extra Space Storage from $145.00 to $156.00 and gave the stock a "sector perform" rating in a report on Monday, March 2nd. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $151.86.

Extra Space Storage Trading Down 0.9%

EXR opened at $144.50 on Friday. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $30.53 billion, a PE ratio of 32.40, a PEG ratio of 4.69 and a beta of 1.22. Extra Space Storage Inc has a 1-year low of $125.71 and a 1-year high of $155.19. The firm has a 50-day moving average price of $139.25 and a two-hundred day moving average price of $138.43.

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

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, June 15th. Extra Space Storage's dividend payout ratio (DPR) is presently 145.29%.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $142.08, for a total value of $1,065,600.00. Following the completion of the sale, the chief executive officer owned 66,495 shares in the company, valued at approximately $9,447,609.60. This trade represents a 10.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.96% of the company's stock.

Extra Space Storage Company 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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