CIBC Private Wealth Group LLC Buys 1,160 Shares of Extra Space Storage Inc. (NYSE:EXR)

CIBC Private Wealth Group LLC increased its stake in Extra Space Storage Inc. (NYSE:EXR) by 8.3% in the 4th quarter, Holdings Channel reports. The fund owned 15,078 shares of the real estate investment trust’s stock after buying an additional 1,160 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Extra Space Storage were worth $2,232,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Tidal Investments LLC increased its position in shares of Extra Space Storage by 34.4% during the 3rd quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock valued at $2,278,000 after purchasing an additional 3,234 shares during the last quarter. Duff & Phelps Investment Management Co. boosted its stake in Extra Space Storage by 9.5% in the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock worth $6,397,000 after buying an additional 3,093 shares in the last quarter. Brown Financial Advisors boosted its stake in Extra Space Storage by 69.1% in the third quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock worth $1,646,000 after buying an additional 3,731 shares in the last quarter. Manning & Napier Advisors LLC raised its stake in shares of Extra Space Storage by 1,127.2% during the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock worth $116,985,000 after acquiring an additional 718,266 shares in the last quarter. Finally, Vert Asset Management LLC lifted its holdings in shares of Extra Space Storage by 8.0% in the 4th quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust’s stock worth $13,984,000 after acquiring an additional 6,910 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $147.96 on Thursday. 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 business has a 50 day moving average of $152.17 and a 200 day moving average of $159.40. The company has a market cap of $31.37 billion, a PE ratio of 38.73, a P/E/G ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a 52 week low of $131.02 and a 52 week high of $184.87.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $707.34 million. As a group, equities research analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.38%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s dividend payout ratio is currently 160.40%.

Insider Activity

In related news, EVP William N. Springer sold 1,220 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. This trade represents a 5.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph J. Bonner sold 672 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the sale, the director now directly owns 4,557 shares in the company, valued at $679,448.70. The trade was a 12.85 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on EXR shares. Truist Financial lifted their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Royal Bank of Canada decreased their price objective on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Scotiabank dropped their target price on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Wells Fargo & Company decreased their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Finally, StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $171.09.

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.