Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP cut its position in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 84.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,391 shares of the real estate investment trust's stock after selling 506,238 shares during the quarter. Wellington Management Group LLP's holdings in Extra Space Storage were worth $13,822,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Cohen & Steers Inc. boosted its stake in 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 purchasing an additional 516,941 shares during the period. Norges Bank acquired a new stake in shares of Extra Space Storage during the fourth quarter worth about $938,647,000. Dimensional Fund Advisors LP grew its holdings in shares of Extra Space Storage by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock worth $469,229,000 after buying an additional 24,533 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Extra Space Storage by 3.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust's stock valued at $458,520,000 after acquiring an additional 104,986 shares during the period. Finally, Northern Trust Corp raised its stake in Extra Space Storage by 48.7% during 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 acquiring an additional 941,212 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Royal Bank of Canada dropped their target price on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating on the stock in a report on Thursday, May 1st. Mizuho boosted their price objective on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Barclays reduced their target price on shares of Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Evercore ISI lifted their target price on shares of Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a report on Thursday, May 1st. Finally, Scotiabank increased their price target on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Extra Space Storage currently has a consensus rating of "Moderate Buy" and a consensus target price of $159.38.

Extra Space Storage Trading Down 1.9%

NYSE:EXR traded down $2.96 on Tuesday, reaching $150.03. The stock had a trading volume of 968,887 shares, compared to its average volume of 1,060,330. Extra Space Storage Inc. has a 12-month low of $121.03 and a 12-month high of $184.87. The firm's fifty day moving average is $143.75 and its two-hundred day moving average is $150.74. The company has a market cap of $31.84 billion, a price-to-earnings ratio of 39.28, a P/E/G 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.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company's revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.96 EPS. Equities analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a dividend yield of 4.32%. The ex-dividend date is Monday, June 16th. Extra Space Storage's payout ratio is currently 150.35%.

Insider Activity

In other news, Director Joseph J. Bonner sold 672 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the transaction, the director now directly owns 4,557 shares in the company, valued at approximately $679,448.70. This represents a 12.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm'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 transaction of $1,105,875.00. Following the sale, the chief executive officer now directly owns 9,190 shares of the company's stock, valued at $1,355,065.50. The trade was a 44.94% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.96% of the company's stock.

Extra Space Storage 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.