Royal Bank of Canada Has $52.73 Million Position in Extra Space Storage Inc. (NYSE:EXR)

Royal Bank of Canada lifted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 55.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 352,494 shares of the real estate investment trust's stock after buying an additional 125,156 shares during the period. Royal Bank of Canada owned approximately 0.17% of Extra Space Storage worth $52,733,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in shares of Extra Space Storage during the fourth quarter worth approximately $25,000. Harbour Investments Inc. boosted its position in shares of Extra Space Storage by 90.9% during the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock worth $25,000 after buying an additional 80 shares during the period. Quent Capital LLC lifted its position in Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 154 shares during the period. Asset Planning Inc acquired a new stake in Extra Space Storage in the fourth quarter worth approximately $52,000. Finally, Quarry LP lifted its position in Extra Space Storage by 156.1% in the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 217 shares during the period. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Price Performance

Shares of EXR traded up $1.56 during trading hours on Tuesday, hitting $147.29. 129,278 shares of the company were exchanged, compared to its average volume of 1,054,305. The company has a market capitalization of $31.26 billion, a PE ratio of 38.51, a PEG ratio of 7.76 and a beta of 1.14. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The firm has a fifty day simple moving average of $143.24 and a 200-day simple moving average of $151.22. Extra Space Storage Inc. has a one year low of $121.03 and a one year high of $184.87.

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. The company had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company's revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.96 earnings per share. As a group, sell-side analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.40%. Extra Space Storage's payout ratio is currently 150.35%.

Analyst Upgrades and Downgrades

EXR has been the subject of a number of research analyst reports. Scotiabank upped their target price on Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Evercore ISI upped their target price on Extra Space Storage from $144.00 to $149.00 and gave the stock an "in-line" rating in a research report on Thursday, May 1st. Benchmark cut their target price on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Finally, Wells Fargo & Company cut their target price on 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. Seven equities 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 stock. Based on data from MarketBeat, Extra Space Storage presently has a consensus rating of "Moderate Buy" and a consensus price target of $158.46.

Insider Activity

In related news, EVP William N. Springer sold 1,220 shares of the stock in a transaction 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 completion of the sale, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This trade represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the sale, the chief executive officer now owns 9,190 shares of the company's stock, valued at approximately $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,392 shares of company stock worth $1,392,315 over the last quarter. Corporate insiders own 0.96% of the company's stock.

About Extra Space Storage

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.