Cbre Investment Management Listed Real Assets LLC increased its stake in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 91.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,089,753 shares of the real estate investment trust's stock after purchasing an additional 519,934 shares during the period. Extra Space Storage accounts for 2.9% of Cbre Investment Management Listed Real Assets LLC's investment portfolio, making the stock its 6th largest position. Cbre Investment Management Listed Real Assets LLC owned about 0.51% of Extra Space Storage worth $163,027,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in EXR. US Bancorp DE lifted its holdings in Extra Space Storage by 2.0% in the 3rd quarter. US Bancorp DE now owns 27,929 shares of the real estate investment trust's stock worth $5,033,000 after buying an additional 552 shares during the period. Farther Finance Advisors LLC lifted its position in Extra Space Storage by 39.6% during the third quarter. Farther Finance Advisors LLC now owns 1,277 shares of the real estate investment trust's stock valued at $230,000 after purchasing an additional 362 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in Extra Space Storage by 4.7% during the third quarter. Harbor Capital Advisors Inc. now owns 5,631 shares of the real estate investment trust's stock valued at $1,015,000 after purchasing an additional 252 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Extra Space Storage by 11.6% in the third quarter. Van ECK Associates Corp now owns 96,609 shares of the real estate investment trust's stock valued at $16,333,000 after acquiring an additional 10,063 shares in the last quarter. Finally, National Pension Service lifted its position in shares of Extra Space Storage by 18.3% in the third quarter. National Pension Service now owns 333,865 shares of the real estate investment trust's stock valued at $60,159,000 after acquiring an additional 51,623 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.
Extra Space Storage stock opened at $153.62 on Wednesday. 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 fifty day moving average of $152.47 and a two-hundred day moving average of $163.25. The company has a market capitalization of $32.57 billion, a price-to-earnings ratio of 40.22, a PEG ratio of 7.76 and a beta of 0.91. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87.
Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $821.90 million for the quarter, compared to analysts' expectations of $707.34 million. On average, analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $1.62 dividend. 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 4.22%. Extra Space Storage's payout ratio is currently 160.40%.
In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction on 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 transaction, the chief executive officer now owns 16,690 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the business's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.
Several brokerages have weighed in on EXR. StockNews.com raised Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Tuesday, January 28th. Royal Bank of Canada dropped their price objective 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. Barclays dropped their price objective on Extra Space Storage from $192.00 to $184.00 and set an "overweight" rating on the stock in a research report on Monday, January 13th. Wells Fargo & Company lowered their price target on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Finally, Truist Financial raised their price objective on Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $171.55.
Check Out Our Latest Stock Analysis on 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.
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