Dai ichi Life Insurance Company Ltd Has $844,000 Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Dai ichi Life Insurance Company Ltd raised its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 177.9% during the third quarter, Holdings Channel reports. The firm owned 4,686 shares of the real estate investment trust’s stock after buying an additional 3,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Extra Space Storage were worth $844,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. EdgeRock Capital LLC bought a new position in shares of Extra Space Storage in the second quarter valued at approximately $25,000. Centerpoint Advisors LLC bought a new position in shares of Extra Space Storage in the second quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new position in shares of Extra Space Storage in the third quarter valued at approximately $33,000. Blue Trust Inc. raised its stake in shares of Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 200 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Extra Space Storage in the third quarter valued at approximately $42,000. 99.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

EXR has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and lifted their target price for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Truist Financial boosted their price objective on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. KeyCorp boosted their price objective on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research report on Monday, September 9th. Finally, Evercore ISI dropped their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Extra Space Storage has an average rating of “Hold” and an average target price of $171.36.

Extra Space Storage Price Performance

Shares of EXR stock opened at $172.68 on Friday. Extra Space Storage Inc. has a 12-month low of $125.82 and a 12-month high of $184.87. The firm has a market capitalization of $36.60 billion, a price-to-earnings ratio of 45.20, a price-to-earnings-growth ratio of 8.58 and a beta of 0.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a fifty day moving average of $169.82 and a 200-day moving average of $164.15.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. During the same period last year, the firm earned $2.02 EPS. Extra Space Storage’s quarterly revenue was up 10.2% on a year-over-year basis. On average, equities research analysts forecast that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.75%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

Insider Activity

In related news, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the transaction, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the transaction, the director now directly owns 404,306 shares of the company’s stock, valued at approximately $71,655,152.38. The trade was a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,228 shares of company stock valued at $3,023,957 in the last quarter. Company 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.