Extra Space Storage Inc (NYSE:EXR) Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC lowered its stake in Extra Space Storage Inc (NYSE:EXR) by 43.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 439,001 shares of the real estate investment trust’s stock after selling 342,985 shares during the period. Manning & Napier Advisors LLC owned approximately 0.21% of Extra Space Storage worth $65,187,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Extra Space Storage in the 4th quarter valued at $938,647,000. Northern Trust Corp increased its stake in shares of Extra Space Storage by 48.7% during the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock worth $430,107,000 after acquiring an additional 941,212 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Extra Space Storage during the fourth quarter worth about $107,453,000. Cbre Investment Management Listed Real Assets LLC increased its stake in shares of Extra Space Storage by 91.2% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust’s stock worth $163,027,000 after acquiring an additional 519,934 shares during the period. Finally, Cohen & Steers Inc. increased its stake in shares of Extra Space Storage by 5.9% during the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock worth $1,383,094,000 after acquiring an additional 516,941 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

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, April 1st. The shares were 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. This trade represents a 44.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.96% of the company’s stock.

Analyst Upgrades and Downgrades

EXR has been the topic of several recent analyst reports. 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 research report on Thursday, May 1st. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Benchmark dropped their price objective on Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, May 13th. Scotiabank upped their price objective on Extra Space Storage from $149.00 to $166.00 and gave the stock a “sector outperform” rating in a report on Monday, May 12th. Finally, Evercore ISI upped their price objective on Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a report on Thursday, May 1st. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $159.54.

Extra Space Storage Stock Down 0.3%

Extra Space Storage stock opened at $146.06 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.33 and a current ratio of 0.33. The firm has a market capitalization of $30.99 billion, a price-to-earnings ratio of 33.89, a price-to-earnings-growth ratio of 3.55 and a beta of 1.11. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The stock’s fifty day moving average is $146.71 and its two-hundred day moving average is $148.98.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.96 by $0.04. The firm had revenue of $820.00 million for the quarter, compared to analysts’ expectations of $705.12 million. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.96 EPS. Analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently declared 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. 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 is presently 150.35%.

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.