Nan Shan Life Insurance Co. Ltd. Purchases 84,096 Shares of Extra Space Storage Inc. (NYSE:EXR)

Nan Shan Life Insurance Co. Ltd. grew its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 63.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 217,330 shares of the real estate investment trust’s stock after acquiring an additional 84,096 shares during the quarter. Nan Shan Life Insurance Co. Ltd. owned about 0.10% of Extra Space Storage worth $32,513,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Cohen & Steers Inc. lifted its stake in shares of Extra Space Storage by 5.9% in the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock valued at $1,383,094,000 after buying an additional 516,941 shares in the last quarter. Norges Bank acquired a new position in Extra Space Storage during the 4th quarter valued at about $938,647,000. Dimensional Fund Advisors LP increased its holdings in Extra Space Storage by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust’s stock worth $469,229,000 after purchasing an additional 24,533 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Extra Space Storage by 3.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust’s stock worth $458,520,000 after purchasing an additional 104,986 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Extra Space Storage by 48.7% in the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock valued at $430,107,000 after purchasing an additional 941,212 shares in the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Extra Space Storage Trading Down 1.3%

Extra Space Storage stock opened at $147.02 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. Extra Space Storage Inc. has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The stock has a market cap of $31.20 billion, a P/E ratio of 38.49, a PEG ratio of 7.76 and a beta of 1.14. The firm’s fifty day moving average price is $143.47 and its 200-day moving average price is $152.35.

Extra Space Storage (NYSE:EXR) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.96 EPS. Equities research analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s dividend payout ratio is currently 150.35%.

Insider Buying and Selling

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the sale, the executive vice president now owns 20,158 shares of the company’s stock, valued at $3,077,320.28. This represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 9,190 shares in the company, valued at $1,355,065.50. The trade was a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,392 shares of company stock worth $1,392,315. Corporate insiders own 0.96% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on EXR shares. Mizuho initiated coverage on shares of Extra Space Storage in a research note on Wednesday, April 9th. They issued an “outperform” rating and a $141.00 target price for the company. Bank of America upped their target price on Extra Space Storage from $155.00 to $161.00 and gave the company a “neutral” rating in a report on Tuesday. Wells Fargo & Company cut their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Scotiabank upped their price objective on Extra Space Storage from $149.00 to $166.00 and gave the company a “sector outperform” rating in a research note on Monday. Finally, StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Extra Space Storage has a consensus rating of “Moderate Buy” and an average target price of $158.69.

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.