Employees Retirement System of Texas Boosts Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Employees Retirement System of Texas increased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 29.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,745 shares of the real estate investment trust’s stock after buying an additional 27,000 shares during the period. Employees Retirement System of Texas owned about 0.06% of Extra Space Storage worth $17,764,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Manning & Napier Advisors LLC lifted 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 valued at $116,985,000 after buying an additional 718,266 shares in the last quarter. Vert Asset Management LLC raised its holdings in shares of Extra Space Storage by 8.0% during the fourth quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust’s stock valued at $13,984,000 after acquiring an additional 6,910 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Extra Space Storage by 134.3% during the fourth quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust’s stock valued at $25,093,000 after acquiring an additional 96,136 shares during the last quarter. Brentview Investment Management LLC purchased a new position in shares of Extra Space Storage in the fourth quarter valued at approximately $2,852,000. Finally, Cibc World Market Inc. boosted its stake in shares of Extra Space Storage by 6.1% in the fourth quarter. Cibc World Market Inc. now owns 120,834 shares of the real estate investment trust’s stock worth $18,077,000 after acquiring an additional 6,899 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

EXR has been the topic of a number of research reports. Evercore ISI raised their price objective on Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a report on Thursday, May 1st. Wall Street Zen upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Benchmark decreased their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, May 13th. Wells Fargo & Company dropped their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Finally, Bank of America lifted their price objective on Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 13th. Seven investment 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. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.46.

Insider Buying and Selling

In other Extra Space Storage news, Director Joseph J. Bonner sold 672 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the transaction, the director now directly owns 4,557 shares in the company, valued at $679,448.70. This represents a 12.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 in the company, valued at approximately $1,355,065.50. The trade was a 44.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,392 shares of company stock worth $1,392,315. Corporate insiders own 0.96% of the company’s stock.

Extra Space Storage Price Performance

Shares of EXR opened at $145.91 on Monday. The firm has a 50-day simple moving average of $143.25 and a two-hundred day simple moving average of $151.37. The stock has a market cap of $30.96 billion, a PE ratio of 38.20, a P/E/G ratio of 7.76 and a beta of 1.14. Extra Space Storage Inc. has a 1-year low of $121.03 and a 1-year high of $184.87. 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) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.04. The firm had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.96 EPS. As a group, analysts forecast that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The company 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 dividend of $1.62 per share. The ex-dividend date is Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.44%. Extra Space Storage’s dividend payout ratio (DPR) is currently 150.35%.

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.