Sumitomo Mitsui DS Asset Management Company Ltd Raises Position in Extra Space Storage Inc. (NYSE:EXR)

Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 1.2% in the 4th quarter, HoldingsChannel reports. The firm owned 56,083 shares of the real estate investment trust’s stock after purchasing an additional 674 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Extra Space Storage were worth $8,992,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Carmel Capital Partners LLC grew its holdings in Extra Space Storage by 8.2% during the fourth quarter. Carmel Capital Partners LLC now owns 3,978 shares of the real estate investment trust’s stock worth $638,000 after acquiring an additional 302 shares during the period. abrdn plc increased its holdings in shares of Extra Space Storage by 141.3% in the 4th quarter. abrdn plc now owns 231,409 shares of the real estate investment trust’s stock valued at $37,102,000 after purchasing an additional 135,497 shares in the last quarter. Xponance Inc. boosted its holdings in Extra Space Storage by 1.6% during the fourth quarter. Xponance Inc. now owns 27,703 shares of the real estate investment trust’s stock worth $4,442,000 after buying an additional 444 shares in the last quarter. Federated Hermes Inc. grew its position in Extra Space Storage by 54.0% during the fourth quarter. Federated Hermes Inc. now owns 2,416 shares of the real estate investment trust’s stock worth $387,000 after buying an additional 847 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its position in Extra Space Storage by 200.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 300 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $132.46 on Monday. Extra Space Storage Inc. has a 1 year low of $101.19 and a 1 year high of $164.99. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a 50 day moving average price of $142.57 and a 200 day moving average price of $137.82. The company has a market cap of $28.03 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 3.25 and a beta of 0.74.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.01). The firm had revenue of $797.77 million for the quarter, compared to analyst estimates 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 was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.09 earnings per share. Sell-side analysts predict that Extra Space Storage Inc. will post 8.05 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $1.62 per share. The ex-dividend date was Thursday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.89%. Extra Space Storage’s payout ratio is 131.17%.

Analysts Set New Price Targets

Several research firms have recently issued reports on EXR. Scotiabank began coverage on Extra Space Storage in a research note on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 price target for the company. Truist Financial increased their price target on shares of Extra Space Storage from $138.00 to $152.00 and gave the company a “hold” rating in a research report on Thursday, December 28th. The Goldman Sachs Group lifted their price objective on Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Raymond James reiterated an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a report on Thursday, March 28th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Extra Space Storage in a report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $150.17.

Insider Activity at Extra Space Storage

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

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.