Kentucky Retirement Systems Cuts Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Kentucky Retirement Systems lessened its position in Extra Space Storage Inc. (NYSE:EXR) by 1.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,564 shares of the real estate investment trust’s stock after selling 200 shares during the quarter. Kentucky Retirement Systems’ holdings in Extra Space Storage were worth $2,179,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of EXR. ING Groep NV purchased a new stake in Extra Space Storage during the 4th quarter worth about $4,050,000. Handelsbanken Fonder AB increased its holdings in Extra Space Storage by 33.9% during the 4th quarter. Handelsbanken Fonder AB now owns 134,185 shares of the real estate investment trust’s stock worth $20,074,000 after purchasing an additional 33,954 shares during the period. Ieq Capital LLC increased its holdings in Extra Space Storage by 59.1% during the 4th quarter. Ieq Capital LLC now owns 9,622 shares of the real estate investment trust’s stock worth $1,439,000 after purchasing an additional 3,576 shares during the period. Kestra Investment Management LLC purchased a new stake in Extra Space Storage during the 4th quarter worth about $54,000. Finally, Atria Wealth Solutions Inc. increased its holdings in Extra Space Storage by 21.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 13,332 shares of the real estate investment trust’s stock worth $1,994,000 after purchasing an additional 2,317 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the sale, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.36% of the company’s stock.

Extra Space Storage Stock Down 0.1 %

Shares of NYSE EXR opened at $155.85 on Friday. The stock has a market cap of $33.04 billion, a PE ratio of 40.80, a price-to-earnings-growth ratio of 7.76 and a beta of 0.91. 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 Inc. has a 52-week low of $131.02 and a 52-week high of $184.87. The business has a 50-day moving average price of $151.61 and a 200 day moving average price of $163.72.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.16%. Extra Space Storage’s dividend payout ratio (DPR) is presently 169.63%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, January 28th. Wells Fargo & Company cut their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday. Barclays cut their price target on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Truist Financial upped their price objective on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Finally, Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective for the company in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $173.09.

Extra Space Storage Company 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.