Zurcher Kantonalbank Zurich Cantonalbank Grows Position in Extra Space Storage Inc. (NYSE:EXR)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 17.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 118,087 shares of the real estate investment trust’s stock after buying an additional 17,163 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Extra Space Storage were worth $18,933,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in EXR. First Horizon Advisors Inc. increased its stake in shares of Extra Space Storage by 1,272.7% during the first quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 140 shares during the period. Zions Bancorporation N.A. increased its stake in shares of Extra Space Storage by 241.9% during the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 150 shares during the period. Money Concepts Capital Corp purchased a new position in Extra Space Storage in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC increased its stake in Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 143 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in Extra Space Storage in the third quarter valued at approximately $32,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction on 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the sale, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Insiders sold a total of 3,532 shares of company stock valued at $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 EXR opened at $134.20 on Friday. 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 company’s 50 day simple moving average is $142.79 and its 200-day simple moving average is $137.43. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $164.99. The firm has a market cap of $28.40 billion, a PE ratio of 27.17, a price-to-earnings-growth ratio of 3.34 and a beta of 0.74.

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

Extra Space Storage Announces Dividend

The business also recently declared 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. This represents a $6.48 annualized dividend and a dividend yield of 4.83%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is presently 131.17%.

Wall Street Analyst Weigh In

Several equities analysts have commented on EXR shares. The Goldman Sachs Group increased their price target on shares of Extra Space Storage from $168.00 to $187.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. TheStreet upgraded shares of Extra Space Storage from a “c+” rating to a “b-” rating in a research note on Thursday, January 11th. Deutsche Bank Aktiengesellschaft started coverage on shares of Extra Space Storage in a research note on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price target on the stock. 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 note on Thursday, December 28th. Finally, Wells Fargo & Company increased their price target on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Two investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price 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.