Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC lessened its stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 7.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,895 shares of the real estate investment trust's stock after selling 2,227 shares during the quarter. Rafferty Asset Management LLC's holdings in Extra Space Storage were worth $4,173,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of EXR. Norges Bank acquired a new position in shares of Extra Space Storage in the 4th quarter valued at $938,647,000. Northern Trust Corp increased its holdings in Extra Space Storage by 48.7% in the fourth 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. purchased a new position in Extra Space Storage in the fourth quarter valued at $107,453,000. Manning & Napier Advisors LLC raised its position in shares of Extra Space Storage by 1,127.2% in the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust's stock worth $116,985,000 after acquiring an additional 718,266 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC boosted its stake in shares of 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 worth $163,027,000 after acquiring an additional 519,934 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insider Activity at Extra Space Storage

In other news, Director Joseph J. Bonner sold 672 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares of the company's stock, valued at $679,448.70. This represents a 12.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares of the company's stock, valued at $3,077,320.28. This represents a 5.71% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,392 shares of company stock valued at $1,392,315. 0.96% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on EXR shares. Benchmark dropped their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Evercore ISI increased their target price on Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a research report on Thursday, May 1st. The Goldman Sachs Group reissued a "buy" rating on shares of Extra Space Storage in a report on Thursday, March 6th. Wells Fargo & Company reduced their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Finally, Scotiabank increased their price objective on shares of Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $158.46.

Extra Space Storage Price Performance

EXR traded up $0.92 on Friday, hitting $145.70. 230,735 shares of the company's stock were exchanged, compared to its average volume of 1,051,353. Extra Space Storage Inc. has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The stock has a market cap of $30.92 billion, a price-to-earnings ratio of 38.15, a P/E/G ratio of 7.76 and a beta of 1.14. The firm has a 50-day moving average price of $143.29 and a 200-day moving average price of $151.68. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. During the same period last year, the firm posted $1.96 earnings per share. The company's revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.45%. Extra Space Storage's dividend payout ratio (DPR) is presently 150.35%.

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.