BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 196,811 Shares of Extra Space Storage Inc. (NYSE:EXR)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Extra Space Storage Inc. (NYSE:EXR) by 485.7% during the third quarter, HoldingsChannel.com reports. The fund owned 237,331 shares of the real estate investment trust’s stock after purchasing an additional 196,811 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Extra Space Storage were worth $42,765,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EdgeRock Capital LLC bought a new stake in shares of Extra Space Storage in the second quarter worth about $25,000. Centerpoint Advisors LLC bought a new stake in Extra Space Storage during the 2nd quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new stake in Extra Space Storage during the 3rd quarter worth approximately $33,000. Harvest Fund Management Co. Ltd bought a new position in Extra Space Storage in the third quarter valued at approximately $42,000. Finally, Blue Trust Inc. boosted its holdings 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 buying an additional 200 shares during the period. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

NYSE:EXR opened at $171.21 on Friday. Extra Space Storage Inc. has a 12-month low of $129.23 and a 12-month high of $184.87. The firm has a market capitalization of $36.29 billion, a price-to-earnings ratio of 44.82, a P/E/G ratio of 8.69 and a beta of 0.87. The stock’s 50 day moving average price is $169.64 and its two-hundred day moving average price is $164.31. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. During the same quarter last year, the company posted $2.02 EPS. The firm’s revenue was up 10.2% on a year-over-year basis. On average, analysts anticipate that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 3.78%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares of the company’s stock, valued at $967,119.12. This represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,228 shares of company stock valued at $3,023,957 in the last three months. 1.36% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on EXR shares. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and boosted their price objective for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Scotiabank reduced their price objective on Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a research report on Monday, November 25th. Wells Fargo & Company reissued an “equal weight” rating and issued a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Truist Financial upped their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Finally, Royal Bank of Canada began coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $171.36.

Extra Space Storage 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.