USS Investment Management Ltd cut its holdings in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 22.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,946 shares of the real estate investment trust's stock after selling 12,274 shares during the period. USS Investment Management Ltd's holdings in Extra Space Storage were worth $6,427,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the business. Manning & Napier Advisors LLC increased its stake in Extra Space Storage by 1,127.2% in the 4th 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 last quarter. Vert Asset Management LLC raised its position in shares of Extra Space Storage by 8.0% in the 4th quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust's stock worth $13,984,000 after acquiring an additional 6,910 shares in the last quarter. Pacer Advisors Inc. increased its position in Extra Space Storage by 134.3% during the 4th quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust's stock valued at $25,093,000 after buying an additional 96,136 shares in the last quarter. Brentview Investment Management LLC acquired a new position in shares of Extra Space Storage in the fourth quarter valued at about $2,852,000. Finally, D.B. Root & Company LLC purchased a new position in shares of Extra Space Storage in the fourth quarter worth about $313,000. 99.11% of the stock is owned by hedge funds and other institutional investors.
Extra Space Storage Stock Performance
EXR stock traded down $0.39 during trading on Wednesday, hitting $147.54. The company had a trading volume of 199,974 shares, compared to its average volume of 1,053,810. Extra Space Storage Inc. has a 1-year low of $121.03 and a 1-year high of $184.87. The firm has a 50-day moving average price of $143.28 and a 200-day moving average price of $151.20. The firm has a market cap of $31.31 billion, a PE ratio of 38.62, a price-to-earnings-growth ratio of 7.76 and a beta of 1.14. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.
Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping the consensus estimate of $1.96 by $0.04. The business had revenue of $820.00 million for 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 quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.96 EPS. On average, analysts expect that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.
Extra Space Storage Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage's dividend payout ratio (DPR) is 150.35%.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on EXR shares. Wells Fargo & Company dropped their target price on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Evercore ISI upped 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. Scotiabank upped their target price on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Finally, Bank of America upped their target price on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Extra Space Storage currently has a consensus rating of "Moderate Buy" and a consensus target price of $158.46.
Check Out Our Latest Stock Report on Extra Space Storage
Insider Transactions at Extra Space Storage
In related news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction that occurred 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the company's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value 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. The trade was a 5.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,392 shares of company stock valued at $1,392,315 in the last quarter. 0.96% of the stock is currently owned by corporate insiders.
About Extra Space Storage
(
Free Report)
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.
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