North Dakota State Investment Board Acquires New Stake in Extra Space Storage Inc $EXR

Key Points

• North Dakota State Investment Board disclosed a new position in Extra Space Storage, buying 7,223 shares worth about $941,000 in the fourth quarter.
• Institutional ownership remains very high, with hedge funds and other investors holding 99.11% of the company’s stock; several other institutions also increased their stakes during the quarter.
• Extra Space Storage reported a quarterly EPS miss but revenue slightly beat expectations, and it recently announced a $1.62 quarterly dividend that annualizes to a 4.6% yield.

North Dakota State Investment Board acquired a new stake in Extra Space Storage Inc (NYSE:EXR - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 7,223 shares of the real estate investment trust's stock, valued at approximately $941,000.

Other institutional investors have also bought and sold shares of the company. Canada Post Corp Registered Pension Plan lifted its position in shares of Extra Space Storage by 39.9% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 3,962 shares of the real estate investment trust's stock worth $516,000 after acquiring an additional 1,130 shares in the last quarter. AlphaCore Capital LLC lifted its position in shares of Extra Space Storage by 17.8% during the fourth quarter. AlphaCore Capital LLC now owns 3,913 shares of the real estate investment trust's stock worth $510,000 after acquiring an additional 591 shares in the last quarter. DNB Asset Management AS lifted its position in shares of Extra Space Storage by 3.6% during the fourth quarter. DNB Asset Management AS now owns 41,000 shares of the real estate investment trust's stock worth $5,339,000 after acquiring an additional 1,417 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Extra Space Storage by 31,381.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 479,146 shares of the real estate investment trust's stock worth $62,394,000 after acquiring an additional 477,624 shares in the last quarter. Finally, Pinnacle Associates Ltd. purchased a new stake in shares of Extra Space Storage during the fourth quarter worth $255,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on EXR. Bank of America downgraded Extra Space Storage from a "neutral" rating to an "underperform" rating and set a $143.00 target price on the stock. in a research report on Thursday, February 5th. Truist Financial dropped their target price on Extra Space Storage from $158.00 to $150.00 and set a "hold" rating on the stock in a research report on Wednesday, May 6th. Barclays increased their target price on Extra Space Storage from $164.00 to $170.00 and gave the stock an "overweight" rating in a research report on Thursday, March 5th. Scotiabank increased their target price on Extra Space Storage from $145.00 to $156.00 and gave the stock a "sector perform" rating in a research report on Monday, March 2nd. Finally, JPMorgan Chase & Co. upped their price target 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. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Extra Space Storage presently has a consensus rating of "Hold" and an average price target of $151.00.

Extra Space Storage Trading Up 1.4%

Extra Space Storage stock opened at $142.29 on Thursday. The stock has a market cap of $30.06 billion, a P/E ratio of 31.90, a PEG ratio of 4.57 and a beta of 1.22. Extra Space Storage Inc has a fifty-two week low of $125.71 and a fifty-two week high of $155.19. The firm's fifty day moving average price is $138.72 and its 200-day moving average price is $137.88. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.37 and a current ratio of 0.37.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $856.03 million during the quarter, compared to the consensus estimate of $851.35 million. Extra Space Storage had a return on equity of 6.65% and a net margin of 27.66%.The company's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.00 EPS. Extra Space Storage has set its FY 2026 guidance at 8.050-8.350 EPS. Equities research analysts forecast that Extra Space Storage Inc will post 8.23 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Monday, June 15th. Extra Space Storage's dividend payout ratio is currently 145.29%.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the 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 owned 66,495 shares of the company's stock, valued at $9,447,609.60. This represents a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is currently owned by corporate insiders.

About Extra Space Storage

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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