Extra Space Storage Inc. (NYSE:EXR) is Heitman Real Estate Securities LLC’s 3rd Largest Position

Heitman Real Estate Securities LLC decreased its position in Extra Space Storage Inc. (NYSE:EXR) by 2.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 454,594 shares of the real estate investment trust’s stock after selling 10,053 shares during the quarter. Extra Space Storage accounts for 4.5% of Heitman Real Estate Securities LLC’s portfolio, making the stock its 3rd biggest holding. Heitman Real Estate Securities LLC owned approximately 0.21% of Extra Space Storage worth $81,913,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of EXR. Pathway Financial Advisers LLC boosted its position in Extra Space Storage by 17,832.9% during the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock worth $363,783,000 after acquiring an additional 2,007,626 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Extra Space Storage by 724.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after buying an additional 1,741,320 shares in the last quarter. American Century Companies Inc. grew its position in Extra Space Storage by 543.5% during the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock valued at $61,724,000 after acquiring an additional 335,447 shares during the period. Canada Pension Plan Investment Board boosted its position in Extra Space Storage by 20.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock valued at $291,720,000 after buying an additional 319,965 shares during the last quarter. Finally, Mizuho Securities USA LLC lifted its position in shares of Extra Space Storage by 1,664.3% in the 3rd quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock worth $51,912,000 after buying an additional 271,765 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on EXR shares. KeyCorp lifted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Bank of America lowered shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $172.00 to $155.00 in a research report on Monday, August 5th. Barclays boosted their price target on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Finally, Evercore ISI lowered their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $171.36.

Extra Space Storage Price Performance

Shares of EXR opened at $169.66 on Tuesday. The company has a market capitalization of $35.96 billion, a price-to-earnings ratio of 44.41, a price-to-earnings-growth ratio of 8.60 and a beta of 0.89. 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 business has a 50-day moving average of $169.37 and a 200-day moving average of $164.64. Extra Space Storage Inc. has a 1 year low of $131.02 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same period in the prior year, the firm posted $2.02 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts anticipate that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is presently 169.63%.

Insider Activity

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the transaction, the director now directly owns 404,306 shares in the company, valued at approximately $71,655,152.38. The trade was a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,228 shares of company stock worth $3,023,957 over the last 90 days. 1.36% of the stock is currently owned by corporate insiders.

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.