KLP Kapitalforvaltning AS Purchases New Position in Extra Space Storage Inc. (NYSE:EXR)

KLP Kapitalforvaltning AS acquired a new stake in Extra Space Storage Inc. (NYSE:EXR) in the fourth quarter, Holdings Channel.com reports. The firm acquired 71,880 shares of the real estate investment trust’s stock, valued at approximately $10,753,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of EXR. State Street Corp grew its position in shares of Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock valued at $2,412,894,000 after purchasing an additional 227,006 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Extra Space Storage by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust’s stock valued at $360,436,000 after buying an additional 43,223 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Extra Space Storage by 5.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,127,067 shares of the real estate investment trust’s stock valued at $318,209,000 after buying an additional 106,608 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Extra Space Storage by 724.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after buying an additional 1,741,320 shares during the period. Finally, Boston Partners lifted its holdings in shares of Extra Space Storage by 5.9% in the fourth quarter. Boston Partners now owns 1,466,816 shares of the real estate investment trust’s stock worth $219,437,000 after buying an additional 82,104 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on EXR shares. Wells Fargo & Company reduced their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Truist Financial upped their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Scotiabank dropped their price objective on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Barclays reduced their target price on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research report on Wednesday, March 12th. Finally, Royal Bank of Canada dropped their price target on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $171.09.

Extra Space Storage Stock Performance

NYSE:EXR opened at $145.84 on Tuesday. Extra Space Storage Inc. has a 1-year low of $131.02 and a 1-year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The business has a 50 day moving average of $152.73 and a 200 day moving average of $160.75. The company has a market capitalization of $30.92 billion, a price-to-earnings ratio of 38.18, a PEG ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $821.90 million during the quarter, compared to analyst estimates of $707.34 million. On average, sell-side analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $1.62 per share. The ex-dividend date is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.44%. Extra Space Storage’s dividend payout ratio (DPR) is currently 160.40%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the sale, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,392 shares of company stock worth $1,396,515. Company insiders own 1.36% of the company’s stock.

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.