CIBC Asset Management Inc Acquires 2,399 Shares of Extra Space Storage Inc. (NYSE:EXR)

CIBC Asset Management Inc lifted its holdings in Extra Space Storage Inc. (NYSE:EXR) by 8.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,877 shares of the real estate investment trust’s stock after buying an additional 2,399 shares during the period. CIBC Asset Management Inc’s holdings in Extra Space Storage were worth $5,564,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Graypoint LLC increased its stake in shares of Extra Space Storage by 4.3% in the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock worth $284,000 after acquiring an additional 65 shares during the period. Hummer Financial Advisory Services Inc grew its position in shares of Extra Space Storage by 1.2% in the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock valued at $1,067,000 after purchasing an additional 70 shares during the period. Buckley Wealth Management LLC grew its position in shares of Extra Space Storage by 1.9% in the third quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock valued at $687,000 after purchasing an additional 71 shares during the period. Massmutual Trust Co. FSB ADV grew its position in shares of 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 period. Finally, Bleakley Financial Group LLC boosted its position in Extra Space Storage by 4.1% during the third quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock worth $356,000 after acquiring an additional 77 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares in the company, valued at approximately $5,815,663.55. This trade represents a 7.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 24,190 shares in the company, valued at $4,318,398.80. The trade was a 23.67 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,970 shares of company stock valued at $3,367,307. Insiders own 1.36% of the company’s stock.

Extra Space Storage Stock Performance

Shares of EXR opened at $164.56 on Monday. The company has a 50-day simple moving average of $171.50 and a 200-day simple moving average of $162.65. 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 company has a market capitalization of $34.88 billion, a PE ratio of 43.08, a P/E/G ratio of 8.29 and a beta of 0.87. Extra Space Storage Inc. has a 52-week low of $125.32 and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS 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 analyst estimates of $826.93 million. During the same period in the previous year, the company posted $2.02 earnings per share. Extra Space Storage’s revenue was up 10.2% on a year-over-year basis. Equities research analysts predict that Extra Space Storage Inc. will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.94%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Analysts Set New Price Targets

EXR has been the topic of a number of analyst reports. Evercore ISI reduced their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Truist Financial boosted their price target on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and boosted their price target for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Finally, Scotiabank boosted their price target on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a report on Thursday, August 22nd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $171.50.

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.