Kentucky Retirement Systems Trims Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Kentucky Retirement Systems lowered its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 7.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 14,764 shares of the real estate investment trust’s stock after selling 1,191 shares during the period. Kentucky Retirement Systems’ holdings in Extra Space Storage were worth $2,660,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. QRG Capital Management Inc. grew its holdings in Extra Space Storage by 5.2% during the first quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock worth $233,000 after acquiring an additional 78 shares during the period. Intech Investment Management LLC boosted its position in Extra Space Storage by 138.7% in the 1st quarter. Intech Investment Management LLC now owns 5,405 shares of the real estate investment trust’s stock worth $795,000 after purchasing an additional 3,141 shares in the last quarter. Covestor Ltd grew its stake in shares of Extra Space Storage by 67.7% during the 1st quarter. Covestor Ltd now owns 592 shares of the real estate investment trust’s stock worth $87,000 after purchasing an additional 239 shares during the period. O Shaughnessy Asset Management LLC increased its holdings in shares of Extra Space Storage by 36.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 7,004 shares of the real estate investment trust’s stock valued at $1,030,000 after purchasing an additional 1,875 shares in the last quarter. Finally, UniSuper Management Pty Ltd lifted its stake in shares of Extra Space Storage by 1.4% in the 1st quarter. UniSuper Management Pty Ltd now owns 68,813 shares of the real estate investment trust’s stock valued at $10,116,000 after purchasing an additional 972 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Activity

In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at $2,089,758.27. This trade represents a 14.37 % 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, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 32,855 shares in the company, valued at approximately $5,815,663.55. This trade represents a 7.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,970 shares of company stock valued at $3,367,307. 1.36% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

EXR has been the topic of several analyst reports. Barclays raised their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and upped their price target for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Raymond James raised their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Finally, Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $172.00 to $155.00 in a report on Monday, August 5th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $171.50.

Extra Space Storage Trading Up 0.7 %

Shares of Extra Space Storage stock opened at $164.56 on Monday. Extra Space Storage Inc. has a 1-year low of $125.32 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 stock has a market cap of $34.88 billion, a P/E ratio of 43.08, a P/E/G ratio of 8.29 and a beta of 0.87. The stock’s 50 day simple moving average is $171.50 and its 200-day simple moving average is $162.65.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). The company had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.02 earnings per share. Analysts predict that Extra Space Storage Inc. will post 8.09 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.94%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

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.