DnB Asset Management AS Raises Stock Position in Extra Space Storage Inc. (NYSE:EXR)

DnB Asset Management AS increased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 0.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,145 shares of the real estate investment trust’s stock after purchasing an additional 152 shares during the period. DnB Asset Management AS’s holdings in Extra Space Storage were worth $5,407,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock worth $2,412,894,000 after buying an additional 227,006 shares during the period. Norges Bank purchased a new position in Extra Space Storage in the 4th quarter worth approximately $938,647,000. Charles Schwab Investment Management Inc. grew its position in Extra Space Storage by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust’s stock valued at $360,436,000 after acquiring an additional 43,223 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Extra Space Storage by 5.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,127,067 shares of the real estate investment trust’s stock valued at $318,209,000 after purchasing an additional 106,608 shares during the period. Finally, Boston Partners lifted its position in shares of Extra Space Storage by 5.9% during the fourth quarter. Boston Partners now owns 1,466,816 shares of the real estate investment trust’s stock worth $219,437,000 after purchasing an additional 82,104 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the transaction, the chief executive officer now owns 16,690 shares in the company, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of Extra Space Storage stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares in the company, valued at approximately $679,448.70. This represents a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,392 shares of company stock valued at $1,396,515 over the last three months. Company insiders own 1.36% of the company’s stock.

Extra Space Storage Stock Up 0.2 %

Shares of NYSE:EXR opened at $145.41 on Monday. Extra Space Storage Inc. has a 1-year low of $131.02 and a 1-year high of $184.87. The company’s fifty day moving average is $152.33 and its two-hundred day moving average is $159.90. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The stock has a market capitalization of $30.83 billion, a price-to-earnings ratio of 38.07, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The firm had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Equities analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.46%. Extra Space Storage’s payout ratio is currently 160.40%.

Analysts Set New Price Targets

Several research firms recently issued reports on EXR. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Scotiabank cut their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Truist Financial raised their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Royal Bank of Canada cut their target price on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $171.09.

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.