Extra Space Storage Inc $EXR Shares Bought by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its holdings in Extra Space Storage Inc by 2.9%, owning approximately $20.35 million worth of stock.
• Extra Space Storage recently declared a quarterly dividend of $1.62 per share, translating to a 4.6% yield, with a current dividend payout ratio of 140.56%.
• Analysts have varied ratings on Extra Space Storage, with price targets ranging from $55.00 to $160.00, while the consensus rating remains a "Hold."

The Manufacturers Life Insurance Company grew its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 2.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 137,057 shares of the real estate investment trust's stock after purchasing an additional 3,822 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of Extra Space Storage worth $20,352,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. GKV Capital Management Co. Inc. acquired a new position in shares of Extra Space Storage in the first quarter valued at approximately $29,000. Zions Bancorporation National Association UT acquired a new position in shares of Extra Space Storage in the first quarter valued at approximately $50,000. Golden State Wealth Management LLC increased its holdings in shares of Extra Space Storage by 147.0% in the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after purchasing an additional 241 shares during the period. Wayfinding Financial LLC acquired a new position in shares of Extra Space Storage in the first quarter valued at approximately $76,000. Finally, Avalon Trust Co acquired a new position in shares of Extra Space Storage in the first quarter valued at approximately $79,000. Institutional investors and hedge funds own 99.11% of the company's stock.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the transaction, the chief executive officer directly owned 27,260 shares in the company, valued at approximately $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.96% of the company's stock.

Wall Street Analyst Weigh In

EXR has been the topic of a number of recent research reports. BNP Paribas Exane assumed coverage on Extra Space Storage in a report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price on the stock. Wall Street Zen lowered Extra Space Storage from a "hold" rating to a "sell" rating in a report on Monday, September 1st. Scotiabank dropped their price objective on Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 28th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $146.00 price objective (down previously from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Finally, Truist Financial dropped their price objective on Extra Space Storage from $158.00 to $150.00 and set a "hold" rating on the stock in a report on Tuesday, August 19th. Seven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $153.33.

Extra Space Storage Price Performance

Shares of NYSE:EXR traded up $3.35 on Friday, hitting $147.19. The company had a trading volume of 1,229,017 shares, compared to its average volume of 997,214. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87. The business has a 50 day moving average of $144.34 and a 200 day moving average of $145.89. The company has a market cap of $31.24 billion, a PE ratio of 31.93, a PEG ratio of 3.56 and a beta of 1.09.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The company had revenue of $841.62 million during the quarter, compared to analysts' expectations of $719.43 million. During the same quarter in the prior year, the company earned $2.06 earnings per share. The firm's revenue was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, equities analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.4%. Extra Space Storage's dividend payout ratio is 140.56%.

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.