New York State Common Retirement Fund Lowers Stake in Extra Space Storage Inc. (NYSE:EXR)

New York State Common Retirement Fund reduced its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 9.0% in the fourth quarter, HoldingsChannel reports. The fund owned 174,273 shares of the real estate investment trust’s stock after selling 17,201 shares during the period. New York State Common Retirement Fund’s holdings in Extra Space Storage were worth $27,941,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Extra Space Storage by 17.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,087 shares of the real estate investment trust’s stock worth $18,933,000 after buying an additional 17,163 shares during the last quarter. NewEdge Wealth LLC purchased a new position in Extra Space Storage in the third quarter worth about $341,000. Vanguard Personalized Indexing Management LLC raised its holdings in Extra Space Storage by 110.8% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 11,914 shares of the real estate investment trust’s stock worth $1,448,000 after buying an additional 6,262 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in Extra Space Storage by 8.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,724,293 shares of the real estate investment trust’s stock worth $436,786,000 after buying an additional 211,395 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Extra Space Storage by 55.7% in the third quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock worth $4,095,585,000 after buying an additional 12,055,172 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the transaction, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. Insiders sold a total of 3,532 shares of company stock worth $514,819 over the last three months. 1.36% of the stock is currently owned by company insiders.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $133.57 on Friday. The firm has a 50 day moving average of $141.87 and a 200 day moving average of $138.07. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $28.27 billion, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 3.31 and a beta of 0.74. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $164.99.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The firm had revenue of $797.77 million during the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.09 earnings per share. On average, research analysts anticipate that Extra Space Storage Inc. will post 8.05 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $1.62 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.85%. Extra Space Storage’s payout ratio is currently 131.17%.

Analysts Set New Price Targets

Several research firms have recently weighed in on EXR. Wells Fargo & Company boosted their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Raymond James reissued an “outperform” rating and set a $160.00 price objective on shares of Extra Space Storage in a report on Thursday, March 28th. TheStreet raised shares of Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Finally, The Goldman Sachs Group boosted their price objective on shares of Extra Space Storage from $168.00 to $187.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and a consensus price target of $150.17.

About 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.