Principal Financial Group Inc. Has $962.43 Million Stake in Extra Space Storage Inc (NYSE:EXR)

Principal Financial Group Inc. lowered its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 3.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 6,481,462 shares of the real estate investment trust's stock after selling 218,394 shares during the period. Principal Financial Group Inc. owned 3.05% of Extra Space Storage worth $962,432,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of EXR. Norges Bank acquired a new position in shares of Extra Space Storage during the fourth quarter valued at $938,647,000. Northern Trust Corp grew its position in Extra Space Storage by 48.7% in the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock valued at $430,107,000 after buying an additional 941,212 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in Extra Space Storage in the 4th quarter valued at about $107,453,000. Cbre Investment Management Listed Real Assets LLC increased its stake in Extra Space Storage by 91.2% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust's stock valued at $163,027,000 after buying an additional 519,934 shares during the period. Finally, Cohen & Steers Inc. raised its position in shares of Extra Space Storage by 5.9% during the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after buying an additional 516,941 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company's stock.

Extra Space Storage Trading Up 0.6%

Shares of NYSE:EXR traded up $0.99 during mid-day trading on Friday, hitting $152.77. The stock had a trading volume of 835,966 shares, compared to its average volume of 1,062,376. The company's 50 day moving average is $148.27 and its 200-day moving average is $148.32. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $184.87. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.33 and a current ratio of 0.33. The company has a market cap of $32.42 billion, a PE ratio of 35.44, a P/E/G ratio of 3.69 and a beta of 1.10.

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

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio (DPR) is 150.35%.

Insider Activity 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 shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the transaction, the chief executive officer owned 27,260 shares in the company, valued at approximately $4,098,541. This represents a 21.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.96% of the company's stock.

Analyst Upgrades and Downgrades

EXR has been the subject of several recent analyst reports. BNP Paribas Exane began coverage on shares of Extra Space Storage in a report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price objective for the company. BNP Paribas raised Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. JPMorgan Chase & Co. lifted their price target on Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a research report on Friday, June 13th. Scotiabank upped their price objective on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Finally, Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $159.29.

Extra Space Storage Company Profile

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.