Retirement Systems of Alabama Acquires 41,306 Shares of Extra Space Storage Inc. (NYSE:EXR)

Retirement Systems of Alabama boosted its holdings in Extra Space Storage Inc. (NYSE:EXR) by 32.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 169,462 shares of the real estate investment trust’s stock after purchasing an additional 41,306 shares during the quarter. Retirement Systems of Alabama’s holdings in Extra Space Storage were worth $26,336,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. EdgeRock Capital LLC purchased a new stake in Extra Space Storage during the fourth quarter worth about $26,000. Creekmur Asset Management LLC purchased a new stake in shares of Extra Space Storage during the 4th quarter worth approximately $26,000. Blue Trust Inc. raised its holdings in shares of Extra Space Storage by 540.5% in the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 200 shares during the period. Massmutual Trust Co. FSB ADV lifted its stake in Extra Space Storage by 19.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after purchasing an additional 76 shares during the last quarter. Finally, Cornerstone Advisors LLC purchased a new position in Extra Space Storage in the first quarter valued at approximately $74,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the transaction, the chief executive officer now directly owns 31,690 shares in the company, valued at approximately $4,835,260.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the sale, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph J. Bonner sold 677 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the transaction, the director now directly owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Price Performance

NYSE EXR traded up $4.52 on Friday, hitting $178.22. The stock had a trading volume of 792,933 shares, compared to its average volume of 1,056,976. The firm has a 50-day moving average of $161.72 and a 200-day moving average of $149.76. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.15 and a current ratio of 0.20. Extra Space Storage Inc. has a 52-week low of $101.19 and a 52-week high of $178.63. The company has a market capitalization of $37.73 billion, a price-to-earnings ratio of 39.69, a price-to-earnings-growth ratio of 3.37 and a beta of 0.83.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $1.62 dividend. The ex-dividend date is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.64%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Analyst Ratings Changes

Several brokerages have issued reports on EXR. Bank of America lowered Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $172.00 to $155.00 in a research note on Monday, August 5th. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Barclays lifted their target price on shares of Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research note on Thursday. Evercore ISI upped their price target on shares of Extra Space Storage from $140.00 to $151.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Finally, Wells Fargo & Company raised their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $165.25.

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.